US-Iran Tensions Ease, Oil Prices Plummet Below $90

Oil prices tumbled on Monday after the US and Iran put their military strikes on hold for a second consecutive night, easing concerns over disruptions to Middle East crude supplies. Brent crude fell below $90 a barrel, while US equity futures advanced more than 1%.

The dollar also retreated against major peers as investors trimmed demand for haven assets. The Australian dollar and euro led gains among the majors.

The calm in the markets comes after weeks of escalating tensions between the two countries, which had sparked concerns over the potential impact on global oil supplies.