India, July 27 -- Oil prices plummeted on Monday amid easing tensions between Washington and Tehran.
Brent crude prices slumped more than 9 percent to trade around $89 a barrel after the United States and Iran paused military strikes over the weekend, paving the way for talks to avoid a return to full-scale war.
Iran said it had made progress in talks with Oman on managing the strategic Strait of Hormuz, raising hopes that the key oil route would avoid further disruption. WTI crude futures were down 6.8 percent at $83.25.
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