Oil prices dropped 4 percent on Monday after the US and Iran paused strikes over the weekend following two weeks of attacks, raising hopes of a diplomatic solution that eases the conflict and allows shipping to resume in the Strait of Hormuz.
Brent crude futures dropped $3.96, or 4.1 percent, to $92.82 as of 03:29 GMT after briefly slipping under the key support level of $90 earlier in the session.
US West Texas Intermediate (WTI) crude traded at $85.29 a barrel, down $4.02, or 4.5 percent.
