Oil Prices Plummet Below $90 Amid US-Iran Strike Pause

Oil prices plummeted to below $90 a barrel on Monday after the US and Iran paused strikes over the weekend, sparking hopes for a diplomatic solution.

The drop in crude prices had an immediate impact on energy stocks, with many falling in premarket action. Crude Oil Futures (CL1:COM) led the decline, followed by State Street Energy Select Sector SPDR ETF (XLE), ProShares Ultra Bloomberg Crude Oil ETF (UCO), and others.

The US-Iran conflict has been a major concern for investors, with tensions rising in recent weeks. However, the pause in strikes has raised hopes for a de-escalation of the conflict, allowing for a resolution to be reached through diplomatic means.