Pakistan, July 27 -- Global oil prices fell more than 5% on Monday after the United States and Iran paused military strikes over the weekend, boosting hopes that diplomacy could help ease tensions and restore disrupted energy supplies.

Read More: Oil prices fall up to 10% in global markets

Brent crude futures dropped $4.89, or 5.05%, to $91.89 per barrel, while US West Texas Intermediate (WTI) crude fell $4.67, or 5.23%, to $84.64 per barrel. Both benchmark contracts hit their lowest levels in nearly a week after climbing steadily over the previous three weeks.

Oil prices had surged close to $100 per barrel as conflict in the Middle East disrupted shipments through the Strait of Hormuz and spread to the Red Sea, affecting exports from ...