Oil Prices Plummet as US-Iran Strikes Temporarily Cease
Oil prices plummeted by over 7% on Monday after a temporary lull in cross-border strikes between the United States and Iran. This brief respite from military action allowed markets to breathe a sigh of relief, with Brent crude falling below $90 a barrel and US crude dropping to around $83 a barrel.
According to MarineTraffic analysis, commercial traffic through the Strait of Hormuz remained subdued, with only 29 verified vessel transits occurring between Friday and Sunday. Historically, this waterway handles roughly 20% of the world's petroleum supply.
US Ambassador to the United Nations Mike Waltz confirmed on NBC's 'Meet the Press' that the pause was intentional, giving space for talks to proceed. However, Iranian officials disputed this claim, stating that Tehran is not directly negotiating with Washington.