Oil Prices Plummet as US Pauses Strikes on Iran

Oil prices have dropped significantly after the US paused its strikes on Iran in the Strait of Hormuz, reducing concerns over an escalation in the conflict that could further restrict global supply.

Brent crude, the international benchmark for oil, fell 6% to below $91 a barrel on Monday morning, after briefly dropping below $90 earlier. This comes just days after futures prices hit $100 last week due to fears of a supply disruption following the Iran-aligned Houthis' attack on Saudi Arabian oil tankers in the Red Sea.

The US and Iran have paused hostilities after 13 days of fighting, with Iran stating that it has stopped 'retaliatory' attacks after two nights without American missiles. The latest ceasefire follows months of wild swings in diplomatic tension and its impact on global markets.