Global oil prices fell 5 percent in early Asian trading on Monday after the United States and Iran suspended military attacks, easing fears of an immediate disruption to Middle East crude supplies following two weeks of conflict that had pushed Brent crude above $100 per barrel.
At the time of writing, Brent crude was trading at $92.04 per barrel, down 5.15 percent, while U.S. benchmark West Texas Intermediate (WTI) fell 5.39 percent to $84.76 per barrel.
The sharp decline followed signals from Washington and Tehran that both sides were pausing hostilities to create room for diplomacy, prompting traders to lock in profits after crude prices surged nearly 20 percent over the past fortnight.
The US announced on Friday that it was temporarily suspending its bombing campaign against Iran.
Speaking to Face the Nation on Sunday, Mike Waltz, US Ambassador to the United Nations, said the pause was intended to “give
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