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Oil Prices Plummet by Over 8% After US Suspends Iran Airstrikes

Guavy AI Editorial Team
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Oil prices plummeted by over 8% on Monday after the United States announced it would suspend its air campaign against Iran, sparking hopes for a diplomatic de-escalation.

Brent crude futures fell to $88.36 per barrel, their lowest level since July 17, while US West Texas Intermediate (WTI) crude dropped to $82.61 per barrel, its lowest level since July 16.

US Ambassador Mike Waltz stated that President Donald Trump decided to halt strikes in order to give diplomacy more time, adding that 'there is a very good chance' of reaching an agreement with Iran.

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