India, June 15 -- Global energy and equity markets surged on Monday as crude oil prices plummeted, reacting to the monumental announcement of a US-Iran peace framework. Brent crude, the global benchmark, tumbled more than 4% to approximately $83 per barrel, while US West Texas Intermediate (WTI) fell to around $80.50. This sharp correction marks a significant retreat from the highs seen during the 107-day conflict, as investors move to unwind the "geopolitical risk premium" that has weighed heavily on the global economy since late February.

The optimism stems from US President Donald Trump's declaration that a deal between Washington and Tehran is "now complete."

Central to the agreement is the reopening of the Strait of Hormuz, the wor...