Oil drops 5% as tensions ease between Washington and Tehran

Oil prices fell by approximately 5 percent on Monday as tensions between the United States and Iran eased following a halt in reciprocal strikes at the start of the week, after two weeks of attacks. This development has revived hopes of reaching a diplomatic settlement that would allow navigation to resume through the Strait of Hormuz, according to Reuters.

Brent crude futures dropped $4.89, or 5.05 percent, to $91.89 per barrel by 00:09 GMT, after briefly dipping below the key support level of $90.

U.S. West Texas Intermediate (WTI) crude also fell by $4.67, or 5.23 percent, settling at $84.64 per barrel.

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As a result, both benchmarks reached their lowest levels in about a week, following gains achieved over the past three weeks.

Brent crude had previously touched $100 per barrel as the conflict expanded into the Red Sea, disrupting Saudi exports bound for Asia via the Bab el-Mandeb strait.