Oil Prices Plummet as US-Iran Conflict Pauses Temporarily

Washington D.C. Crude oil prices fell sharply in the world market on Monday after the conflict between the United States and Iran was temporarily halted. This decline is considered the biggest since April 8.

Brent crude futures, considered the main benchmark for the world market, closed down 11.3 percent at $85.87 per barrel. Similarly, US West Texas Intermediate (WTI) crude oil prices fell by about 7 percent to $82.61 per barrel.