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Key points
- September Brent crude fell 4.66% to $92.27 a barrel, while West Texas Intermediate declined 5.02% to $84.83.
- Brent briefly reached $102 a barrel last week, its highest level since May.
- The United States paused strikes after 13 days, while Iran said it had halted retaliatory operations.
- Iran and Oman discussed principles and procedures for safe shipping through the Strait of Hormuz, Iran’s foreign ministry said.
- Fighting and disrupted tanker traffic through the Strait of Hormuz have driven oil-market concerns this month.
- The Strait of Hormuz typically carries about one-fifth of global oil shipments from the Persian Gulf.
- Traders put the probability of a Federal Reserve interest-rate increase at 36%, according to CME Group data.
How the story developed
A living timeline
All times shown in UTC
Latest development
US-Iran strikes paused over the weekend, while Iran said it halted retaliatory operations; oil prices fell sharply on expectations of diplomatic progress.
Latest development
Oil prices declined after the United States and Iran paused strikes, with September Brent and WTI futures both falling more than 4%.
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