Oil Prices Plummet as US and Iran Halt Military Strikes

Oil prices tumbled on Monday as the US and Iran paused military strikes for a second consecutive night, easing concerns over disruptions to Middle East crude supplies. The Brent crude price fell below $90 per barrel.

The pause in hostilities came after 13 days of escalating conflict between the two nations, with neither side explaining why they had refrained from further action. Iranian and Omani officials held talks on shipping through the Strait of Hormuz, raising hopes that the key oil transit route may avoid further disruption.

Investors will be watching central bank meetings this week for clues on how policymakers assess inflation risks from higher energy prices. The Federal Reserve meeting on Wednesday is a major focus point, with officials likely to emphasize vigilance over the impact of elevated oil prices on inflation.