WTI Crude Oil Tumbles Nearly 9% as Iran Hostility Pause Sends Prices Reeling

WTI Crude Oil prices took a hit on Monday, dropping nearly 9% to trade just above $81.00 after gapping down by over $5.00 at the open.

The decline came as Washington suspended its strike campaign against Iran, with US President saying he had 'plenty of time for talks' and saw a good chance of a deal.

However, Tehran's foreign ministry denied any negotiations with the US, saying their only live channel was with Oman on the future of the Strait of Hormuz.

The pause in hostilities has been described as an 'inventory problem wearing the clothes of an agreement', with analysts warning that the reversal could arrive faster than the rally that preceded it.