Oil Prices Plummet Over 6% as Middle East Tensions Ease

Oil prices plummeted on Monday as tensions in the Middle East eased, prompting investors to unwind their exposure to geopolitical risk. The price drop saw Brent crude futures fall $6.20, or 6.4%, to $90.58 a barrel, while US West Texas Intermediate (WTI) crude futures declined $5.80, or 6.5%, to $83.51 a barrel.

The decline marks the largest drop in oil prices since recent tensions between the US and Iran began to escalate. The easing of tensions has led investors to reassess their bets on potential disruptions to global oil supplies.