Oil Prices Plummet as US-Iran Tensions Ease

Oil prices plummeted on Monday as tensions between the US and Iran eased.

The price of Brent crude, the global benchmark for oil, dropped to a low of $87.60 per barrel, a 9% drop compared to a day earlier, before leveling out around $90.80 per barrel.

This comes amid a three-day pause in attacks between the two nations and new optimism over talks to de-escalate tensions.

US officials told The New York Times on Sunday that President Donald Trump had delayed his plans to escalate fighting if talks didn't continue, motivated by dwindling stockpiles of missile interceptors.