Oil Prices Plummet Amid Conflict Pause, Bitcoin Surges on Diplomatic Efforts

The ongoing conflict between Iran and the US has taken a positive turn as negotiations between Iran and Oman have made some progress in managing safe shipping traffic through the Strait of Hormuz. Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated that talks with Oman were 'fruitful' but noted no change has yet occurred in traffic through the strait.

Oil prices plummeted 8% on Monday following a pause in strikes between the US and Iran, which led to a surge in US stock futures. Bitcoin rose over 1.7%, reaching near $65,300 levels amid the recent developments.

Tehran has emphasized that it will not allow the US to dictate the timing or duration of the conflict, stating it will respond whenever required to protect its interests.