Oil prices fell sharply on Monday, dropping more than 5%, after U.S. President Donald Trump announced a pause in military strikes against Iran. The halt came after two weeks of attacks and sparked optimism that a diplomatic path forward could help calm the ongoing conflict in the Middle East.
Brent crude futures dropped $5.58, or 5.77%, settling at $91.20 per barrel as of 2204 GMT. Meanwhile, U.S. West Texas Intermediate crude fell $4.91, or 5.50%, to $84.40 per barrel.
The price decline reflects market hopes that a reduction in hostilities between the U.S. and Iran could ease concerns over oil supply disruptions in the region.
