Oil prices dip over 6pc after US, Iran pause fighting over weekend

Oil prices tumbled more than six per cent on Monday after the US 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. Brent crude futures fell $6.20, or 6.4pc, to $90.58 by 0620 GMT after briefly slipping under the key support level of $90 earlier in the session. US West Texas Intermediate crude was at $83.51 a barrel, down $5.80, or 6.5pc. Both contracts are trading at their lowest levels in nearly a week after rising for the past three weeks. Brent had reached $100 per barrel as the conflict, which reduced oil shipments via the Strait of Hormuz,…