Oil Costs Tumble Amid Iran Conflict

Oil prices plunged more than 7% after Iranian missiles launched toward a U.S. base in Qatar were intercepted.

The price of oil tumbled Monday amid the Iran conflict.

Oil prices plunged more than 7% after Iranian missiles launched toward a U.S. base in Qatar were intercepted.

The drop settled at $68.51 and marks the biggest one-day decline since early April. It also brought the cost nearly all the way back to where it was before the conflict began over a week ago.

The decrease comes after cost initially jumped 6% topping $78 on Sunday amid worries that Iran’s response to the United State’s recent attack would be far more drastic than what it was.

Iran said it matched the number of bombs dropped by the United States on Iranian nuclear sites this past weekend, possibly signaling de-escalation in tenisons.