Oil Prices Plunge 7% Amid Easing US-Iran Tensions

Global markets breathed a sigh of relief on Monday as tensions between the US and Iran eased, leading to a nearly 7% drop in oil prices. The Brent crude price fell to $85.49 per barrel, while U.S. benchmark crude dropped 7% to $83.06 per barrel.

CXMT, a Chinese memory chipmaker, made its debut on Shanghai's technology board and soared 466%, becoming China's most valuable listed company with an estimated market capitalization of 3.3 trillion yuan ($490 billion).

Stephen Innes of SPI Asset Management noted that the sharp retreat in oil prices 'loosened the geopolitical knot' that had been tightening around equities, currencies, bonds, and central banks for most of July.