Oil prices plunge as US and Iran pause Strait of Hormuz strikes

Brent crude fell 4.66% to $92.27 a barrel Monday and WTI dropped 5.02% to $84.83, after the US and Iran both held off from new strikes in the Persian Gulf, Euronews reports.

Oil prices eased sharply on Monday after the United States and Iran both refrained from launching new military strikes in the Persian Gulf. Brent crude for September delivery dropped 4.66% to $92.27 a barrel, while US crude, WTI, fell 5.02% to $84.83. Just last week Brent had briefly touched $102 a barrel, the highest level since May. The Strait of Hormuz, the route through which about a fifth of the world's oil typically leaves the Persian Gulf, has seen shipping traffic largely halted since the conflict began. Source: Euronews.

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