Oil prices slide as U.S. and Iran pause strikes to give ‘space’ for diplomacy

Oil prices tumbled Monday as the United States and Iran paused their escalating strikes to make “space” for diplomacy.

Oil prices tumbled Monday as the United States and Iran paused their escalating strikes to make “space” for diplomacy.

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The two sides halted fire over the weekend, following 13 consecutive nights of attacks that shattered their deal to end the war and threatened new pain for the global economy.

International benchmark Brent crude oil sank to below $90 a barrel Monday morning, while U.S. crude dropped to around $83 a barrel — both down around 7%.