00:00Moving on to next update, oil prices fell on Monday, settling at their lowest levels in over a week
00:06after the U.S. abruptly suspended a campaign of airstrikes against Iran over the weekend,
00:11raising hopes of a diplomatic solution that would allow shipping to resume in the Strait of Hormuz.
00:17Brent crude futures fell $8.42, or 8.7 percent, to settle at $88.36 a barrel, the lowest since
00:25July 17.
00:28U.S.-West Texas Intermediate Crude Futures fell $6.70, or 7.5 percent, to close at $82.61, the lowest
00:38since July 16.
00:40Brent futures last week surpassed $100 a barrel as the conflict, which has reduced all shipments via the Strait of
00:46Hormuz,
00:47spilled over to the Red Sea.
00:49These hindered exports from the world's top exporter Saudi Arabia via the Bab al-Mandab Strait to Asia.
00:54Trump on Monday said that the U.S. is holding good talks with Iran
00:58and that there's a good chance that something could happen in regard to a potential deal.
01:03He also threatens strong military action if diplomacy fails.
Comments