Europe faces energy crisis as gas stockpiles sink

Thanks for joining me. Oil prices tumbled after the US paused its strikes on Iran.Brent crude, the international benchmark, declined 6.5pc towards $90 a barrel amid fresh hopes of a new ceasefire and reopening of the Strait of Hormuz.The US held fire over the weekend following 13 days of strikes on Iran.Donald Trump’s UN envoy said the US president was “giving talks some space”.Tehran said in turn that it would stop strikes on its Gulf neighbours, which had helped push oil prices to a two-month high of $102 last week.Sally Auld, chief economist at National Australia Bank, said the US and Iran had both shown that oil reaching $100 a barrel was a pressure point.She said: “It looks as if developments in the Middle East have moved in a positive direction over the weekend, adding some credibili