Commodities
Oil swings on conflicting signals from US-Iran talks
Oil prices swung after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz within seven days and did not rule out further strikes on Iran.
The US and Iran are set to hold separate talks with mediators on Monday or Tuesday to discuss an amended version of Iran's seven-day plan; oil had earlier jumped on a report that Iranian Foreign Minister Araghchi's stay in New York had not been extended.
For beginners The Strait of Hormuz is a key route for seaborne oil shipments, so any threat to its operation or escalation in the Middle East adds a geopolitical risk premium to oil prices.