Oil Prices Plummet Over 5% Amid US-Iran Strike Pause

Oil prices plummeted over 5% in early Asian trading on Monday following two consecutive nights without US strikes on Iran.

The pause in military actions eased concerns of a broader regional conflict, causing traders to scale back the geopolitical risk premium that supported oil prices in recent weeks.

Brent crude futures fell $4.89, or 5.05%, to $91.89 a barrel after briefly slipping below the key $90 support level earlier in the session.

US West Texas Intermediate (WTI) crude futures dropped $4.67, or 5.23%, to $84.64 a barrel, trading at their lowest levels in about a week.