News Summary

• Global benchmark Brent crude sank from $112 (£83) to $109 after Trump's comments.
• Oil market has been reacting swiftly to any signs of progress in peace talks.
• Iran effectively closed the key Strait of Hormuz waterway in retaliation for US and Israeli strikes on the country, which started on 28 February.
• Around a fifth of the world's oil and liquefied natural gas usually passes through the narrow shipping route.
• The rise in energy costs since the conflict began has also pushed up government borrowing costs, as measured by bond yields.