Commodities
US-Iran Strike Pause Sparks Crude Price Crash
Global crude oil prices plummeted over 7% on Monday as the US and Iran paused their military strikes, sparking hopes of reduced tensions and a possible diplomatic solution.
The international benchmark Brent crude dropped by more than $7 to trade near $91 per barrel, while US West Texas Intermediate crude fell by around $6.4 to trade below $85 per barrel.
The sharp decline in oil prices followed Iran's indication that it would stop further attacks if the US also halted its military operations.
Despite the pause in strikes, market experts warned that geopolitical risks remain high, with concerns about the security of Saudi oil exports and shipping activity through the Strait of Hormuz still present.