Sound familiar? A pause in fighting between the United States and Iran has given oil traders hope that a diplomatic resolution could restart the flow of oil traffic out of the Middle East.

Renewed diplomacy fuels expectations of more Iranian barrels hitting global markets

After 13 days of attacks on Iran, the United States held fire over the weekend, and Donald Trump's UN envoy said the US president was "giving talks some space".

Oil prices experienced a significant five percent decline on Monday. This drop occurred after the United States and Iran paused strikes over the weekend. Hopes for a diplomatic…