Oil Prices Plummet on Trump's Iran Pause and China's 50% Import Cut

Oil prices plummeted nearly 6% on Monday following US President Donald Trump's decision to pause strikes on Iran. This move raised hopes for a diplomatic solution to the conflict and eased concerns about war risks.

The International Energy Agency (IEA) noted that China has reduced its crude oil imports by almost 50% compared to pre-war levels, cushioning the impact of high energy costs across markets.

Brent crude traded at $86.38 per barrel, down 5.78% from Friday's close of $91.68, while US benchmark West Texas Intermediate (WTI) fell 6.3% to $83.69 per barrel, compared to $89.31 in the previous session.