Oil prices fell on Monday as a pause in tit-for-tat strikes between the United States and Iran, boosting hopes for a return to their ceasefire and negotiations on reopening the Strait of Hormuz.
According to reports, the United States held fire over the weekend, as President Donald Trump’s UN envoy said the US President was negotiating peace with Tehran.
Meanwhile, Tehran in turn said it would stop its retaliatory attacks on regional neighbours, handing Gulf shipping and the oil industry a respite.