Oil Prices Plummet as US Pauses Attacks on Iran

Global oil prices plummeted by 6% on Monday to below $90 a barrel after the US paused its attacks on Iran over the weekend, opting against further escalation of the war.

The sudden drop in oil prices reversed a days-long run-up as fighting threatened to worsen a historic global oil shock. The Dow Jones Industrial Average climbed 570 points, or 1.1%, while the S&P 500 jumped 0.6% and the tech-heavy Nasdaq increased 0.6% in response to the drop.

Crude costs account for a large share of the price of auto gasoline, with the average price currently standing at $4.11 per gallon, according to AAA. Relief in oil prices typically brings down gas prices within days.