Commodities
Oil Prices Plunge on US-Iran Military Pause
Oil prices plummeted nearly 5% on Monday after the United States and Iran agreed to pause military strikes, raising hopes for diplomatic progress.
The development sparked a sharp decline in Brent crude oil prices, which dropped to around $92.02 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 5.2% to $84.65 per barrel as traders unwound positions built on expectations of prolonged military escalation.
The price movement underscores the rapid response of oil markets to geopolitical developments, particularly when they involve the Strait of Hormuz, one of the world's most important energy shipping corridors.