Oil Prices Respond to Strike Suspension Amid De-escalation Hopes

Oil prices fell on Monday after the United States and Iran announced a suspension of mutual strikes early this week. This development, following two weeks of attacks, fostered hopes for a diplomatic solution to de-escalate regional tensions and enable smooth navigation through the strategic Strait of Hormuz. Brent crude futures dropped $4.89, or 5.05%, to $91.89 per barrel by 00:09 GMT, briefly falling below the key $90 support level. US West Texas Intermediate (WTI) crude also decreased $4.67, or 5.23%, to $84.64 per barrel.