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Oil Prices Fall 5% Amid US-Iran Diplomatic Breakthrough
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Oil prices tumbled 5% on Monday after the US and Iran paused their strikes, raising hopes for a diplomatic breakthrough. Brent crude futures fell $4.37, or 4.52%, to $92.41 a barrel.
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Oil Prices Fall 5% Amid US-Iran Diplomatic Breakthrough
The US and Iran's decision to hold back from launching fresh strikes has raised hopes for a diplomatic breakthrough. As a result, oil prices have fallen sharply, with Brent crude futures down $4.37, or 4.52%, to $92.41 a barrel. US West Texas Intermediate (WTI) crude was also down 5.23%. The development has eased tensions in the Middle East and has gradually restored shipping through the Strait of Hormuz.
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