Brent Crude Plunges 6% on Iran De-escalation Hopes, Supply Glut Fears

Brent crude fell 6.26% to $92.17/bbl and WTI dropped 5.01% to $86.17/bbl on Monday, driven by expectations of reduced tensions with Iran and concerns over a supply glut. The sharp decline signals a potential shift in market sentiment from geopolitical risk premium to oversupply concerns, though the durability of the move depends on actual diplomatic progress and OPEC+ output decisions.

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