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France 24
France 24
World
FRANCE 24

Oil prices fall amid pause in US strikes on Iran to give 'space' for diplomacy

United States Iran Oil United Nations the Strait of Hormuz Washington D.C. Strait of Hormuz The United States
Oil prices tumbled Monday, with Brent losing more than seven percent at one point
Oil prices tumbled Monday, with Brent losing more than seven percent at one point. © Hussein Faleh, AFP

Oil prices fell on Monday amid a pause in strikes between the US and Iran, boosting hopes for a return to a ceasefire and new talks on reopening the Strait of Hormuz. The United States held fire over the weekend after 13 days of attacks on Iran, with Washington's UN envoy saying the US was "giving talks some space".

Tehran, in turn, said it would stop its retaliatory attacks on regional neighbours, handing Gulf shipping and the oil industry a respite.

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