Oil: Brent Crude Holds Pullback.

Brent crude oil futures eased to $94 per barrel after having crossed $98 earlier on Monday after Iran stated it had ended its military operations against Israel. US President Trump added that both countries were close to a new ceasefire and that there was progress between Washington and Tehran, easing concerns that the escalation would hamper negotiations that gradually restore exports of oil through the Persian Gulf. Israel also signaled it will hold fire for the moment the exchange of strikes with Iran in the weekend breached their ceasefire drove oil futures to surge in Asian trading. Separately, OPEC+ approved another increase in July oil production quotas of 188,000 barrels per day despite persistent supply risks stemming from tensions in the Middle East. Fresh data indicating an aggressive pullback in imports by China also limited supply pressures, as Asia's top consumer has relied on inventory instead of overseas supply since the start of the conflict.