Oil Plunges 5% as Trump Halts Iran Strikes, While Chevron Warns of Supply Risks and China's EV Market Stumbles

Oil prices fell sharply in early Asian trade on Monday, with West Texas Intermediate dropping 5.88% to $79.77 and Brent crude down 5.07% to $83.47 after President Trump called off another round of military strikes on Iran. The move raised hopes for a diplomatic reopening of the Strait of Hormuz and averted a broader regional conflict. The selloff follows a volatile July where benchmarks surged more than 20% as hostilities...