Oil prices have fallen more than six per cent as a pause in U.S.-Iran hostilities eased fears of wider supply disruption around the Gulf.
Oil prices plunged more than six per cent on Monday as a pause in hostilities between the United States and Iran eased fears that the conflict could disrupt energy supplies from the Gulf.
The retreat unwound part of the risk premium that had built up during the latest escalation, when traders were focused on potential disruption to shipping and crude flows near the Strait of Hormuz.
The strait remains one of the world's most important energy chokepoints, and any threat to tanker traffic through the waterway can quickly feed into crude and fuel markets.
The pause in fighting reduced immediate concern that the conflict would broaden, though market participants continued to watch diplomatic signals and shipping conditions for signs of renewed risk.
The move also highlighted how sensitive oil prices remain to developments in the Middle East after recent attacks and warnings raised concern about supply security.
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An agreement between Iran and the U.S. to reopen the Strait of Hormuz is expected "soon," a U.S. official has said. The deal would result in the resumption of commercial shipping through the sea passage and the lifting of an American naval blockade on Iranian ports.
U.S. President Donald Trump said negotiations to reopen the Strait of Hormuz are progressing and suggested an agreement with Iran could be reached “soon”.
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