Mike Dolan

Two stories actually being reported.

circulated.

One, Iran suggesting that some ships of non-combatant nations, it says, can pass through the Straits of Hormuz in a statement to the UN.

And also this 15-point US potential negotiating plan that is reports of this circulating that would include a one-month ceasefire.

Hi, Kim.

Good morning.

They are, as you might expect, crude oil prices are sharply higher.

But interestingly, given the extent of the weekend's events and how broadly spread they are across the Middle East, they're not up as high as many people had feared.

As it stands,

We're about 6% higher for US crude, above $80 a barrel.

But even at the weekend, as it unfolded, people were already coming out with these $100 barrel oil forecasts, which we're still well shy of.

Now, it's clearly a fluid situation.

Everything is unfolding by the minute.

But as it stands, the oil price reaction is sharp, but not worst case scenario.

Well, look, all financial markets will react to this.

This is a very significant event, and you're getting what they call in markets risk-off.

That means that the more risky assets are being sold off.

So equities are falling.

We're seeing a bid for gold.

We're seeing a confusing picture for bonds.