Global oil prices plunged by nearly 5% as the United States halted its airstrikes on Iran.

According to Bloomberg data, as of 8:30 AM today (Monday, July 27), Brent crude futures for September delivery were trading down 4.9% from the previous session's close at $92.04, while West Texas Intermediate (WTI) futures for September delivery were trading down 4.9% at $84.95.

Brent crude briefly fell as low as $89.58 (down 7.4%), dipping below the $90 mark.

The United States has refrained from additional attacks starting the night of the 24th, halting its 13-day airstrikes on Iran, and the Iranian military also stated that it has suspended retaliatory strikes.

However, uncertainties remain, as Yemen's Houthi rebels attacked Saudi Arabia's Aramco oil facilities on the 25th.

Brent crude, a benchmark for international oil prices, has surged more than 25% this month alone.

(Photo: AP, Yonhap News)