00:00Oil prices climbed in choppy trade on Monday as U.S. and Iran ratcheted up their rhetoric as the two
00:07countries are engaging in indirect talks that could lead to de-escalation of the hostilities.
00:14Brent crude futures settled at $109.77 a barrel, up 74 cents or 0.68 percent.
00:24For prices to decline to less exorbitant levels, any cessation of attacks would need to come with an agreement to
00:31open the crucial strait of hummus, the shipping artery used by the one-fifth of the world's oil and gas
00:36supply.
00:37Major oil consumers, particularly in Asia, are conserving barrels or cutting consumption in response to the closure of the strait.
00:44The U.S. and Iran received a framework from Pakistan to end hostilities, but Iran rejected the idea of immediately
00:51reopening the strait after President Donald Trump threatened to rain hell on the nation if it did not make a
00:57deal by the end of Tuesday.
00:59The strait, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains
01:06largely closed due to Iranian attacks on shipping after the U.S.-Israel attacks began on February 28.
01:13Some vessels, however, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, have
01:21passed through this strait since Thursday.
01:23Shipping data show reflecting Iran's policy to allow passage for vessels from countries it deems friendly.
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