US and Iran Halt Attacks, Oil Prices Plummet on Diplomatic Hopes
Oil prices plummeted by 5% on Monday following a weekend of restraint from both the US and Iran, sparking hopes for a diplomatic resolution to the ongoing Middle East tensions.
The temporary halt in hostilities has paved the way for the gradual resumption of shipping through the vital Strait of Hormuz.
Brent crude futures fell 5.05% to $91.89, while US West Texas Intermediate (WTI) crude dropped over 5% to $84.64 per barrel.