US-Iran Tensions Ease: Oil Prices Plummet Amid Pause in Fighting

Oil prices plummeted by their biggest one-day drop since April 8 as tensions between the United States and Iran eased following a pause in fighting.

The Brent crude price settled at $85.87 per barrel, down 11.3 percent, while US crude fell about 7 percent to $82.61 per barrel, according to CNN.

US President Donald Trump announced that Washington had halted strikes on Iran at the request of the Iranian government and warned that military action would resume if a new ceasefire agreement was not reached.

Despite the drop in oil prices, shipping through the Strait of Hormuz remains below pre-conflict levels, with fewer than 10 commodity ships passing through by Monday morning compared to around 100 commercial vessels on a typical day before the conflict.