Oil Prices Plummet as US Pauses Attacks on Iran

Oil prices plummeted on Monday after the US paused its attacks on Iran, opting against further escalation of the war.

The global price of oil fell by 9% to around $88 a barrel, reversing a days-long surge in crude costs that had pushed prices above $100 a barrel.

The decline in oil prices is expected to bring down gasoline costs within days, with the average price of a gallon currently standing at $4.11 according to AAA.

The US decision to pause its attacks on Iran was made after top officials discussed the potential impact on the Pentagon's dwindling stockpiles of air defense interceptors, including Patriot anti-missile systems.