Oil prices tumble as US-Iran de-escalation eases fears of wider conflict

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Oil prices tumble as US-Iran de-escalation eases fears of wider conflict: report

Hormuz / Reuters

Oil prices fell sharply Monday after signs of de-escalation between the United States and Iran eased concerns that the conflict would further disrupt global energy supplies, according to Reuters.

Benchmark crude prices dropped 7% to 9%, showing their steepest one-day decline in more than two months, the outlet said.

Brent crude fell below $90 per barrel to around $88 per barrel, while U.S. West Texas Intermediate crude (WTI) lost much of last week's gains.

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