Oil prices fall 5%: Crude cools as US-Iran pause fuels hopes of diplomatic breakthrough
Oil prices tumbled sharply on Monday after the United States and Iran held back from launching fresh strikes over the weekend, raising hopes that diplomacy could ease tensions in the Middle East and gradually restore shipping through the Strait of Hormuz.
Brent crude futures were down $4.37, or 4.52%, at $92.41 a barrel after slipping 5.05% earlier. US West Texas Intermediate (WTI) crude was also 5.23% down before trading $4.30, or 4.81%, lower at $85.01 a barrel around 7:15 am.
Brent crude futures were down $4.37, or 4.52%, at $92.41 a barrel after slipping 5.05% earlier. US West Texas Intermediate (WTI) crude was also 5.23% down before trading $4.30, or 4.81%, lower at $85.01 a barrel around 7:15 am.
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