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Commodities

Oil Prices Plummet as US-Iran Tensions Ease

Guavy AI Editorial Team
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Oil
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Global oil prices plummeted on Monday after the US and Iran reportedly suspended hostilities over the weekend, easing concerns about potential disruptions to global crude supplies.

Brent crude, the international oil benchmark, dropped 6.76% to $90.24 per barrel, while US West Texas Intermediate (WTI) crude declined 6.04% to $83.92 per barrel.

The decline followed reports that both Washington and Tehran had paused military strikes after nearly two weeks of escalating attacks.

According to the US Ambassador to the United Nations Mike Waltz, President Donald Trump decided to suspend US military operations against Iran 'to create room for diplomacy.'

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