Oil Prices Tumble as US-Iran Ceasefire Holds

Oil prices came under heavy selling pressure at the start of the week following reports that the United States and Iran have agreed to a ceasefire. The news marks a potential end to two weeks of relentless bombing by both sides, a development warmly received by financial markets.

The sudden de-escalation triggered a broad shift in risk sentiment, with shares climbing and haven assets paring earlier gains. Crude benchmarks, which had spiked on fears of supply disruptions, retreated as the immediate threat of a wider Middle East conflict receded.

Traders now await further confirmation of the truce and its durability. The pause in hostilities could ease upward pressure on global energy costs if it holds, but any renewed clashes could quickly reverse the move.