Oil slips 4% after US, Iran pause fighting over weekend

In addition, ship traffic through the Bab el-Mandeb Strait fell on Sunday after Yemeni ​Houthis attacked Saudi oil installations along the Red Sea coast, although a third Chinese supertanker ​exited via ⁠the Bab el-Mandeb Strait.

Brent had reached $100 per barrel ​as the conflict, which reduced oil shipments via the Strait of Hormuz, spilt over to the Red Sea, hindering ​exports from the world's top exporter, Saudi Arabia, via the Bab el-Mandeb Strait to Asia.‌and Iran paused strikes over the weekend after two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.