Oil Price Update

Oil prices plunged nearly 5% on Monday after the United States and Iran suspended military strikes over the weekend, following two weeks of hostilities. The pause raised hopes for a diplomatic resolution that could ease regional tensions and restore the smooth flow of oil shipments through the Strait of Hormuz. Brent crude futures dropped $4.89, or 5.05%, to $91.89 a barrel, briefly falling below the crucial $90 support level earlier in the session. Meanwhile, US West Texas Intermediate (WTI) crude declined $4.67, or 5.23%, to $84.64 per barrel.