Commodities
Oil Prices Plunge as US Pauses Strikes on Iran
Oil prices plummeted over 5% in early Asian trading on Monday after two consecutive nights without US strikes on Iran eased concerns of a broader regional conflict.
Brent crude futures fell $4.89, or 5.05%, to $91.89 a barrel, while US West Texas Intermediate (WTI) crude futures dropped $4.67, or 5.23%, to $84.64 a barrel.
The sell-off followed the pause in US military strikes on Iran, which reduced fears of an imminent escalation in the conflict and prompted traders to scale back the geopolitical risk premium that had supported oil prices.