Oil Prices Plummet as US-Iran Tensions Ease

Global crude oil prices plummeted by more than 7% on Monday after the United States and Iran paused their military operations, alleviating concerns over supply disruptions.

The Indian rupee also strengthened against the US dollar following the decline in oil prices. International Brent crude fell to trade around $91 per barrel, while WTI crude declined to less than $85 per barrel.

Analysts pointed out that despite Monday's fall, geopolitical threats persist and supply rates are still up close to 40% on the month due to security concerns in the region.