Report reveals Oil prices fell sharply as a pause in the escalating conflict between the United States and Iran raised hopes for a ceasefire and renewed negotiations over the Strait of Hormuz.
After 13 days of hostilities, the US refrained from retaliatory strikes over the weekend, with President Donald Trump’s UN envoy indicating that the president was allowing space for talks.
Iran also announced it would halt its retaliatory attacks on regional neighbors, providing relief to Gulf shipping and the oil industry.
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