US-Iran Ceasefire Sends Oil Prices Plummeting

Oil prices plummeted by 5% on Monday after the US and Iran announced a temporary halt in military attacks, easing concerns about a disruption to Middle East crude supplies.

The decline came as Brent crude fell to $92.04 per barrel, down 5.15%, while U.S. benchmark West Texas Intermediate (WTI) dropped to $84.76 per barrel, a 5.39% decrease.

Washington and Tehran signaled that both sides were pausing hostilities to create room for diplomacy, prompting traders to lock in profits after crude prices surged nearly 20% over the past fortnight.