Oil Prices Plunge 6% as US-Iran Pause Eases Market Tensions

Oil prices fell sharply on Monday as a pause in US-Iran hostilities eased fears of further disruption to energy supplies through the Gulf. Brent crude dropped 6% to about $86 a barrel, while US West Texas Intermediate fell nearly 7%.

The calmer geopolitical climate also lifted several global stock markets, although Wall Street gains faded as investors turned cautious ahead of major corporate earnings and key central bank interest-rate decisions.

Markets are now watching for signs that the pause could lead to renewed peace talks, while concerns remain over the impact of oil prices on inflation. Major companies including Microsoft, Meta, Apple and Amazon are also expected to release earnings this week.

Written by Boom RadioNG