Global oil prices experienced a sharp drop during Monday's opening of Asian markets as investors grew optimistic about a potential de-escalation of conflict in the Middle East.
The sudden decline follows a two-night pause in US strikes on Iran, giving market participants hope that the door remains open for renewed diplomatic talks.
Reflecting this easing of geopolitical tensions the international benchmark North Sea Brent crude fell by 5.58%, bringing the price down to $91.38 per barrel. Similarly, the US benchmark, West Texas Intermediate (WTI), slid 5.46% to reach $84.43 per barrel.
