Oil prices tumble as U.S.-Iran tensions show signs of easing

Crude oil futures experienced a significant decline on Monday as market participants reassessed geopolitical risk premiums following indications that U.S.-Iran tensions may be subsiding. Brent crude futures dropped 6% to $90.93 per barrel, while U.S. West Texas Intermediate crude futures fell 6.1% to $83.83 per barrel. The decline reversed much of the previous week’s gains, when conflicts expanding into the Red Sea had pushed Brent close to the $100-per-barrel level.
Market sentiment shif