Oil is plunging on Monday on renewed hopes of a deal between the U.S. and Iran that will reopen the Strait of Hormuz and could pave the way to end the war.
Brent crude, the international benchmark, dropped 5.48% on Monday at 11:18 a.m. ET, clocking in at $94.72 per barrel, while West Texas Intermediate, the U.S. benchmark, fell by more than 6% and stood at $90.78 at the same time.
