Hormuz Hopes Send Oil Prices Plummeting
Oil prices plummeted on Monday as a temporary halt in hostilities between the US and Iran sparked renewed hopes for a return to their ceasefire. The conflict had previously driven crude prices to a peak of $100 a barrel last week, with Brent breaking back above this level for the first time since May.
The US held fire over the weekend, giving talks 'some space', according to Donald Trump's UN envoy. In response, Iran announced it would cease retaliatory attacks on regional neighbors, providing relief to Gulf shipping and the oil industry.
Tehran also claimed progress in talks with Oman on managing the Strait of Hormuz, a vital energy corridor. The discussions focused on 'common principles and operational mechanisms' for ensuring safe passage through the strait while respecting sovereign rights.