Oil prices dropped 4% on Monday, with Brent crude futures down $3.96 to $92.82 per barrel and West Texas Intermediate down $4.02 to $85.29 per barrel. The decline followed a weekend pause in U.S. and Iranian strikes after two weeks of attacks. The drop brought both contracts to their lowest levels in nearly a week after a three‑week rally. Brent had risen to about $100 earlier as conflict reduced shipments through the Strait of Hormuz and disrupted Red Sea routes that affect Saudi exports. U.S. UN ambassador Mike Waltz said President Donald Trump ordered the pause to give diplomacy more time. Market analysts said the price move reflected traders' desire for positive news. Shipping data showed fewer than 10 vessels passed through the Strait of Hormuz each day during the weekend, and traffic through the Bab el‑Mandeb strait fell after Houthi attacks on Saudi facilities. Analysts noted that a sustained rebound in shipments would require greater confidence in safety. Some analysts warned that ongoing shipping risks in the Middle East and the Russia‑Ukraine war could keep prices elevated and add upside pressure to inflation. Ukraine reported striking several Russian oil sites over the weekend. The pause in hostilities offers a potential opening for diplomatic progress, though shipping confidence remains limited.