00:00Oil prices fell more than 6% at one stage on Monday.
00:05The relief came after the US and Iran paused strikes over the weekend following two weeks of attacks.
00:10The latest move raised hopes of a diplomatic solution to de-escalate the conflict
00:14and allow shipping to resume in the key Strait of Hormuz.
00:18Brent crude futures fell more than $6 to a touch over $90, though later slightly rose.
00:24US West Texas Intermediate was also down just under $6 at around $83 a barrel,
00:29but also marginally rose later.
00:31Both contracts are trading at their lowest levels in nearly a week after rising for the past three weeks.
00:37The US-Iran conflict has lowered oil shipments through the Strait of Hormuz.
00:41It has lately spilled over to the Red Sea and hit exports from the world's top exporter Saudi Arabia
00:47via the Bab al-Mandeb Strait to Asia.
00:50The latest development sent Brent to $100 per barrel.
00:54The US ambassador to the United Nations, Mike Waltz,
00:57gave an update to US media over the weekend on Iran.
01:00He said President Trump had decided to pause US attacks to allow more time for diplomacy.
01:05However, ship traffic through the Bab al-Mandeb Strait fell on Sunday.
01:09That's after Yemeni Houthis attacked Saudi oil installations along the Red Sea coast.
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