Oil Prices Plummet as US Suspends Air Strikes Against Iran

Oil prices plummeted on Monday to their lowest levels in over a week as the US suspended its campaign of air strikes against Iran, raising hopes for a diplomatic solution.

The suspension came after President Donald Trump said he had decided to pause attacks to allow more time for diplomacy with Iran.

Brent crude futures fell $8.42, or 8.7%, to settle at $88.36 a barrel, while US West Texas Intermediate crude futures dropped $6.70, or 7.5%, to close at $82.61.

Analysts pointed out that the market remains highly volatile due to uncertainty surrounding the unofficial ceasefire between the US and Iran, with physical oil flows remaining constrained despite the truce.