00:01Oil prices fell to their lowest level since March on Monday, after signs of a potential
00:07breakthrough in efforts to end the conflict between the United States and Iran and restore
00:12shipping through the Strait of Hormuz.
00:15Brent crude futures dropped $3.58 to $83.75 a barrel, while U.S. West Texas Intermediate
00:24crude fell four U.S. dollars and one cent to 80 U.S. dollars and 87 cents a barrel.
00:31Both benchmark contracts had already declined more than three percent on Friday, amid growing
00:36expectations of easing geopolitical tensions.
00:40U.S. President Donald Trump and Iran's Deputy Foreign Minister said an initial agreement
00:45had been reached to end the conflict and resume maritime traffic through the Strait of Hormuz.
00:50Pakistan Prime Minister Shahbaz Sharif has acted as a mediator between the two sides, said
00:56the United States and Iran are expected to sign a memorandum of understanding in Switzerland
01:01on Friday.
01:02Trump said on Sunday that vessels would be allowed to pass through the Strait of Hormuz
01:06toll-free and that a U.S. naval blockade of Iranian ports would be lifted.
01:11Meanwhile, Iran's semi-official Mare news agency reported that the draft agreement includes plans
01:17to reopen the Strait of Hormuz within 30 days under Iranian supervision.
01:22The Strategic Waterway, which handles roughly one-fifth of the world's oil and liquefied
01:28natural gas shipments, has been closed for more than three months due to the conflict disrupting
01:33global energy supplies.
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