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

Oil prices reached a one-week low and stock futures climbed following a pause in US-Iran fighting. US Ambassador Mike Waltz explained that this pause aims to provide diplomacy time to work. While crude prices tumbled, gold rose above $4,100. The ceasefire has shifted market dynamics, leading to a decrease in oil costs and a positive outlook for stocks as the temporary cessation of hostilities between the US and Iran takes effect.