00:00Oil prices settled lower on Monday as hopes of easing tensions in the Middle East outweighed supply concerns.
00:07Although ongoing attacks involving Saudi Arabia and key shipping routes helped limit losses,
00:13Brent crude fell 0.8% to $115.81 a barrel, while US-West Texas Intermediate WTI dropped 1.46
00:21% to $101.76 a barrel.
00:26Market sentiment improved after diplomatic efforts intensified to prevent further escalation in the region.
00:32Qatari mediators travelled to Tehran while Saudi Arabia, Turkey and Pakistan held talks with Iranian leaders
00:39aimed at strengthening cooperation on peace and security.
00:45However, investors remain cautious after Yemen's Houthi rebels claims attacks on Saudi oil infrastructure and Riyadh airports.
00:54The Saudi-led coalition said it had intercepted and destroyed three drones targeting Riyadh and the Kingdom's southern regions.
01:02Concerns over maritime security also continue to support oil prices.
01:06October has been one of the worst months in recent years for attacks on commercial vessels
01:11around the Strait of Hormuz and nearby waterways, disrupting global shipping and energy supply chains.
01:17Adding to supply concerns, the International Energy Agency, IEA, warned that energy markets are unlikely to return to pre-conflict
01:25conditions anytime soon.
01:27Meanwhile, Saudi Aramco announced plans to begin storing crude oil in Singapore from the second half of 2027
01:34to strengthen its regional supply network.
01:37The U.S. of the U.S. of theoffs in the region has now been replaced by my previous
