Oil prices plunge after US-Iran agreement to end military operations
Oil prices fell nearly 5% on Monday after the US and Iran reached an agreement to immediately and permanently end military operations on all fronts, with WTI crude dropping to $80.16 per barrel, its lowest since early March.
Global oil markets saw a sharp decline on Monday following a deal between the United States and Iran to immediately and permanently cease military operations across all fronts. The development eased concerns about supply disruptions that had previously pushed prices above $110 per barrel.
In electronic trading on the New York Mercantile Exchange, West Texas Intermediate (WTI) crude fell 4.9% to $80.75 per barrel. Meanwhile, Brent crude on the London ICE Futures exchange dropped 4.8% to $83.17 per barrel. Another WTI benchmark recorded a steeper decline of 5.6%, settling at $80.16 per barrel – the lowest level since early March.
In contrast, natural gas prices edged higher. The Title Transfer Facility (TTF) hub in the Netherlands saw a 0.4% increase to €42.91 per megawatt-hour.
In currency markets, the euro strengthened against the US dollar, rising from 1.1568 to 1.1592 dollars per euro. The British pound also gained against the dollar, increasing from 1.3406 to 1.3416 dollars per pound. The US dollar appreciated slightly against the Japanese yen, moving from 160.24 to 160.30 yen per dollar. The euro edged up against the British pound from 86.27 to 86.40 pence per euro.
