Story by Oleen Ndori, Foreign Editor
GLOBAL crude oil prices fell by more than six per cent at the start of the trading week as investors welcomed a pause in military strikes between the United States and Iran, easing fears of supply disruptions from the Middle East.
Crude for September delivery dropped to a low of US$83.10 a barrel on Sunday, down US$6.21, while Brent crude for September delivery fell US$7.20 to US$89.58 a barrel.
The easing of geopolitical tensions also boosted investor sentiment, lifting US stock index futures, while gold and silver futures recorded notable gains.
Oil prices extended their decline during Asian trading on Monday following reports that Pakistan was seeking to revive talks between the United States and Iran, raising hopes of further de-escalation in the region.
According to media reports, the market rally followed a decision by US President Donald Trump on Friday to halt planned military strikes on Iran, ending a 13-day run of consecutive US air attacks on Iranian targets.
Iran also confirmed on Sunday that it had suspended retaliatory attacks, reinforcing expectations of a reduction in hostilities and further calming global energy markets.
