Oil Prices Plunge as De-Escalation Hopes Rise, Bitcoin Surges to New High

Oil prices took a hit on Monday as hopes for de-escalation in the Iran situation rose, causing Brent crude to drop over 2% to $101.30.

The fall in oil prices led to a decline in bond yields, with 10-year Treasury yields down nearly 5 bps to 4.95%, and 10-year German bond yields seen down by over 6 bps to 3.45%.

This shift has given risk appetite a boost, with major indices in Europe posting gains of just over 1% in the morning session.

Meanwhile, Bitcoin made significant gains, briefly touching $85,000 and climbing to its highest level since January.