Commodities
Oil Prices Plunge Over 5% as US Pauses Iran Strikes
Singapore saw oil prices plummet over 5% on Monday after US President Donald Trump paused planned strikes on Iran, sparking hopes for a diplomatic resolution to recent tensions in the Middle East.
The move sent shockwaves through the market, with Brent crude futures slipping $5.58 (5.77%) to $91.20 by 2204 GMT and U.S. West Texas Intermediate crude falling $4.91 (5.50%) to $84.40 a barrel.
This significant drop in oil prices follows earlier sharp rises above $95, $100 amid Gulf tensions, with markets now responding swiftly to signs of a diplomatic thaw.