Oil prices plunged more than 5% on Monday after the US paused military strikes against Iran, raising prospects for renewed diplomatic efforts.

The front‑month Brent crude contract fell 5.5% to $91.44 a barrel, while the second‑month contract slipped 4.6% to $87.47. West Texas Intermediate dropped 5.1% to $84.76.

Analysts at ING say the price action reflects the market’s desperation for positive news fortress; Brent had climbed above $100 a barrel last week after the conflict spilled into the Red Sea, with Houthi attacks on Saudi vessels raising concerns over the kingdom’s crude exports.

Easing fears after two weeks of strikes, but risks persist: Houthi attacks in the Red Sea, uncertainty over the US‑Iran dispute, the Strait of Hormuz, and Tehran’s nuclear program.