Oil Prices Plunge As US-Iran Tensions Ease

(RTTNews) - Oil prices plummeted on Monday amid easing tensions between Washington and Tehran.

Brent crude prices slumped more than 9 percent to trade around $89 a barrel after the United States and Iran paused military strikes over the weekend, paving the way for talks to avoid a return to full-scale war.

Iran said it had made progress in talks with Oman on managing the strategic Strait of Hormuz, raising hopes that the key oil route would avoid further disruption. WTI crude futures were down 6.8 percent at $83.25.

Iran stopped conducting counterattacks after the U.S. paused an almost two-week run of strikes against Iran for a second night to give peace talks "some space."

Recent reports suggested that Pakistan is exploring a path toward new U.S.-Iran talks over ending the conflict.

Despite the conciliatory messages, U.S. President Donald Trump has shared a series of AI-generated images - suggesting that the military option remains on the table.

Trump also rejected reports of a U.S. munitions shortage and claimed, "we have far more munitions than anyone in the world, and far more than we need."

Yemen's Iran-backed Houthi rebels claimed attacks on Aramco facilities in the Saudi cities on Jizan and Yanbu on Saturday. The Saudi military said it conducted strikes on Houthi targets in Yemen.

Iranian Supreme Leader Mojtaba Khamenei issued a statement pledging his country's ongoing support for the Hezbollah terror group in Lebanon.

Meanwhile, Iran has accused Ukraine of striking one of its commercial vessels in the Caspian Sea and killing a sailor.

Terming the attack as a "hostile and criminal act", Tehran warned that the incident "cannot go unanswered."

Kyiv said the vessel was being used to transport military cargo supporting Russia's invasion of the country.