Oil Prices Plunge 5% After U.S. and Iran Halt Attacks

AI Summary

Oil prices dropped sharply by over 5% in early Asian trading after the U.S. and Iran agreed to pause attacks following a period of heightened tensions. Brent crude fell below $92 while WTI crude traded near $84, as the U.S. signaled a temporary suspension of its bombing campaign to allow diplomatic efforts.

Oil prices plunged by more than 5% in early Asian trade on Monday as the U.S. and Iran halted attacks after two weeks of escalation that had driven Brent above $100. At the time of writing, WTI crude was trading at $84.47, down 5.39%, while Brent crude had fallen to $91.80, a decline of 5.15%. The retreat came after Washington signaled on Friday that it would temporarily halt its bombing campaign against Iran. Talking to Face the Nation on Sunday, U.S. Ambassador to the United Nations Mike Waltz said that the pause was "giving diplomacy some space"…