Oil Prices Tumble 5% Amid Signs of U.S.-Iran De-escalation

Oil prices slumped by 5% early on Monday from a five-month high at the end of last week, after the most recent tensions between the United States and Iran appeared to have eased. As of 7:09 a.m. ET on Monday, the Brent Crude international benchmark was back to $65 per barrel, down from $70 it hit last week when U.S. President Donald Trump warned Iran that a “massive armada” of U.S. Navy ships is headed to the Persian Gulf. Brent Crude prices had slipped by 4.83% to $65.99 on Monday morning, while the U.S. benchmark, WTI…