📈 Global Oil Prices Plunge 13% as Geopolitical Tensions Ease

Global Markets: Crude oil prices saw a sharp decline on Monday following U.S. President Donald Trump's decision to postpone military strikes on Iranian energy infrastructure and power plants. Price Benchmarks: • Brent crude futures dropped approximately $17 (15%), hitting a session low of US$ 96.00 per barrel. • U.S. West Texas Intermediate (WTI) fell by $13 (13.5%), reaching a session low of US$ 85.28 per barrel. National Context: For Sri Lanka, a sustained drop in global oil prices is critical for reducing energy costs and easing pressure on foreign exchange reserves. Lower fuel prices typically support the transportation and manufacturing sectors, helping to manage domestic inflation. _Data based on reports from 23 March 2026._