Brent crude futures dropped 5.05%, to 91.89 USD. US West Texas Intermediate crude stood at 84.64 USD a barrel, down 5.23%. The decline comes after crude prices surged 10% last week.
The development followed Iran’s announcement on Sunday that it had halted retaliatory operations in the region. The US had suspended airstrikes against Iran for the previous two nights.
Unnamed Middle Eastern officials said Washington had temporarily paused its air campaign to avoid disrupting direct diplomatic talks between Iran and Oman.
