Oil Prices Tumble Amid US-Iran Ceasefire

Oil prices plummeted over 5% on Monday as the US and Iran temporarily halted their attacks, raising hopes for a diplomatic solution that would ease tensions in the Middle East.

The Brent crude futures fell $5.70 to $91.08 a barrel, while U.S. West Texas Intermediate crude dropped $4.80 to $84.51 a barrel.

This decline marks the lowest levels for both contracts in nearly a week after rising for three weeks.

PVM analyst John Evans noted that 'a stay of military strikes might seem an improvement, but it does not come with any guarantees that oil will soon flow from the area.'