Oil prices tumbled on Monday after the US and Iran reportedly agreed to pause attacks on each other, easing two weeks of tension that had pushed crude toward $100 a barrel.
Oil Slides to $90 as US-Iran Truce Holds
Oil prices took a sharp tumble on Monday, dropping to $90 a barrel after the US and Iran reportedly hit pause on their tit-for-tat attacks. According to TheCable, Brent crude sank 6.76 percent to $90.24 a barrel, while US West Texas Intermediate slid 6.04 percent to $83.92.
The relief followed reports that President Donald Trump had ordered a halt to US strikes on Iran, giving diplomacy “a little bit of room,” US ambassador to the UN, Mike Waltz, said. Iran reportedly responded by agreeing to hold its own fire too.
The de-escalation comes just days after oil spiked to $100 a barrel following attacks on Red Sea vessels, and as Nigerian fuel prices had begun climbing in response.
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