Global crude oil prices dropped sharply Monday following a two-day pause in military strikes between the United States and Iran, offering temporary relief to energy markets rattled by weeks of escalating conflict in the Middle East.

International benchmark Brent crude fell more than five percent to settle near ninety-one dollars a barrel after briefly touching one hundred dollars per barrel last week. U.S. West Texas Intermediate crude experienced a similar decline. The market retreat comes as both nations temporarily halted aerial and naval bombardments in the Persian Gulf, sparking hopes for renewed diplomatic negotiations and a potential interim cease-fire.

The conflict—which reignited early this month following the breakdown of a prior memorandum of understanding—had severely disrupted commercial shipping routes through the Strait of Hormuz and the Red Sea, through which roughly twenty percent of the world’s petroleum flows. The temporary cessation of hostilities sent immediate positive ripple effects through global stock markets, though market analysts caution that energy prices remain vulnerable to volatile shifts should diplomatic talks stall.