Oil Prices Plummet as US-Iran Tensions Ease

Oil prices plummeted by as much as 9.5% on Monday, marking their steepest drop in two months, after a pause in US-Iran attacks over the weekend.

The price of Brent crude stood at $90.82 at 9:07 a.m. EDT, down 7.68% from the previous day's close, before rising again to $87.62, its lowest point on Monday.

Tehran has vowed to suspend attacks after President Donald Trump halted a two-week bombing campaign against Iran over the weekend.

However, there were signs that Iran was not keeping its word, with Jordan reporting the shooting down of two drones and Iraqi security sources saying a drone struck a base of Kurdish opposition fighters in northern Iran, according to Reuters.