Global crude oil prices plunge around 7% after US and Iran pause military strikes

The global crude oil prices plunged around seven per cent today after the United States and Iran paused military strikes over the weekend. International benchmark Brent crude was trading 7.9 per cent down at 89 US dollars and 11 cents per barrel in intra-day trade. West Texas Intermediate crude was trading 6.9 per cent down at 83 US dollars and 14 cents per barrel, when reports last came in. The sharp decline came after Iran indicated it would refrain from further attacks as long as the US also halted military operations, fuelling expectations that the conflict could move towards a diplomatic resolution.