US-Iran Tensions Pause, Crude Oil Prices Plunge Over 6%

The market experienced a significant swing on Monday morning after the pause in strikes between the United States and Iran. U.S. West Texas Intermediate crude futures expiring in September plummeted by 6.06%, settling around $83.92 a barrel, while Brent crude futures expiring in September fell 5.24% to hover at $86.88 a barrel.

U.S. Ambassador to the United Nations Mike Waltz stated that President Donald Trump is giving talks some space, adding that Iran's negotiators appear divided, with some seeking guidance from Supreme Leader Ayatollah Mojtaba Khamenei while others favor a different path.

The Dow Jones Industrial Average soared more than 660 points to rise to 52,608 before paring some of the gains. The S&P 500 index gained about 0.8%, while the Nasdaq Composite rose about 0.7%.