BP shares fell as much as 3.8% on Monday. Brent crude prices dropped below $90 per barrel, driving a sell-off across the energy sector.
A weekend pause in military strikes between the United States and Iran triggered the market reaction. This development raised hopes for a diplomatic solution and safer shipping through the Strait of Hormuz.
The de-escalation eased concerns regarding immediate supply disruptions. These factors placed downward pressure on global oil prices.