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Commodities

Oil Prices Plummet as US-Iran Tensions Ease

Guavy AI Editorial Team
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Oil prices plummeted on Monday as tensions between the US and Iran eased, boosting hopes for a return to their ceasefire and negotiations on reopening the Strait of Hormuz.

The pause in hostilities came after 13 days of attacks on sites in Iran, with the US holding fire over the weekend and Donald Trump's UN envoy saying the president was 'giving talks some space'.

Tehran also said it would stop its retaliatory attacks on regional neighbors, providing a respite for Gulf shipping and the oil industry.

As a result, crude prices sank, with Brent dropping more than 7% to briefly fall below $90 per barrel.

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