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Commodities

US-Iran Conflict Pause Sends Oil Prices Plummeting

Guavy AI Editorial Team
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Oil
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Oil prices plummeted on Monday after the US and Iran paused their strikes over the weekend. The conflict, which has been ongoing for two weeks, had reduced oil shipments via the Strait of Hormuz, causing Brent crude futures to fall 5.05% to $91.89 per barrel.

US West Texas Intermediate crude also dropped 5.23%, reaching $84.64 per barrel. The price drop is a significant reversal from just three weeks ago when Brent had reached $100 per barrel.

Hopes of a diplomatic solution are rising, with US Ambassador to the United Nations Mike Waltz stating that President Donald Trump has decided to pause US attacks to allow more time for diplomacy.

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