The global oil market saw a sharp decline as tensions between the United States and Iran eased following a temporary ceasefire.Brent crude fell 6% to $86 per barrel, while West Texas Intermediate dropped 6.8% to $83.22.This drop came after both nations paused attacks in the Strait of Hormuz, easing fears about oil supply disruptions.European and Asian stocks rose initially, but Wall Street saw mixed results with tech stocks like Nvidia falling over 5%.Central banks like the Fed and Bank of England are now monitoring inflation risks from potential oil price swings.The pause in hostilities also boosted investor confidence, though concerns remain about prolonged tensions.Major tech companies are set to report earnings this week, adding to market volatility.The easing of US-Iran tensions has temporarily stabilized prices but doesn't resolve underlying geopolitical issues.