Oil Prices Fall Sharply After Halt in US-Iran Clashes

International oil prices fell significantly on Monday following a pause in the confrontation between Washington and Tehran.

International benchmark Brent fell 6.7%, trading at around $90 per barrel, while US benchmark WTI dropped 6.1% to approximately $84 per barrel.

The downward trend emerged after a nearly two-week halt in US-Iran clashes, prompting an optimistic market response to easing tensions in the Middle East.

Despite this development, market participants remain cautious amid regional uncertainty. Shipping traffic through the Strait of Hormuz, a vital corridor for global oil trade, remains at very low levels.

Maritime transport data show that fewer than 10 commercial vessels passed through this key waterway over the weekend, in stark contrast to the daily average of around 100 vessels before the conflict broke out.

Industry experts warn that threats to the security of global supplies remain real, particularly because of the risks facing trade routes in the Persian Gulf and the Red Sea.

In a parallel development, global stock markets showed encouraging signs. Major indices in Asian and European markets rose, while US futures also pointed to a positive opening for the session.