Oil prices fell after Trump said the U.S. would pause its naval escort endeavor in the Strait of Hormuz, raising hopes of a potential deal with Iran.

The United Kingdom Maritime Trade Operations agency said Monday that a tanker was hit by projectiles north of the city of of Fujairah in the United Arab Emirates.

Oil prices fell after Trump said the U.S. would pause its naval escort endeavor in the Strait of Hormuz, raising hopes of a potential deal with Iran.