Oil prices near one-week low after US, Iran pause fighting over weekend

Oil prices hovered around a one-week low on Monday after the US and Iran paused strikes over the weekend following 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 $5.85, or around 6 per cent, to $90.93 a barrel by 1:09pm GMT (6:09pm PKT). They fell as low as 9.5pc earlier in the session to $87.55 a barrel. US West Texas Intermediate crude was at $84.33 a barrel, down $4...