00:00Meanwhile, all price swung between gains and losses in volatile trading on Thursday,
00:05ultimately setting lower after a report said Saudi Arabia and Kuwait
00:08lifted restrictions on the United States' use of its airspace and military bases,
00:13allowing the U.S. to restart operations to escort commercial ships
00:17through the Strait of Hormuz as early as this week.
00:20Brent crude futures settled down 1.2% or $1.21 at $1,100.06 a barrel
00:29while U.S.-West Texas Intermediate Crude Futures settled down 0.28% or $0.27 at $94.81.
00:38Both benchmarks had earlier declined by as much as $5 a barrel
00:42on optimism that Washington and Tehran were moving toward a limited temporary agreement to halt their conflict.
00:48The global benchmark climbed more than $1, while WTI jumped $2 in post-settlement trading
00:53after Iran's forest news agency said that several sounds resembling explosions
00:57were heard near Banta Abbas city in Iran.
01:00On Thursday, the Wall Street Journal said Saudi Arabia and Kuwait had lifted restrictions
01:05on the U.S. military's use of its airspace and military bases,
01:09citing U.S. and Saudi officials,
01:11and that the Trump administration was looking to restart Project Freedom,
01:14its operation to guide vessels through the vital Strait of Hormuz waterway this week.
01:19The U.S. and Iran are edging toward a limited temporary agreement to halt their war,
01:23sources and officials said on Thursday,
01:26with a draft framework that would stop the fighting
01:28but leave the most contentious issues unresolved
01:31and settle on a short-term memorandum rather than a comprehensive peace deal.
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