Global crude oil prices tumbled by around seven per cent on Monday after the United States and Iran paused military strikes, easing fears of a wider conflict in the Middle East.
The international benchmark, Brent crude, fell 7.9 per cent to US$89.11 per barrel during intra-day trading, while West Texas Intermediate (WTI) crude dropped 6.9 per cent to US$83.14 per barrel, according to the latest market reports.
The sharp decline followed Iran's indication that it would refrain from further military action as long as the United States also halted its operations. The development raised hopes of a diplomatic resolution, reducing concerns over potential disruptions to global oil supplies and prompting a sell-off in crude markets.
