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yum update errors with Oracle Linux 8

I have built an Oracle Linux 8 VM on VMware ESXi, 8.0.2, 23305546 host.

I was able to install the VM without issue, but when I try to update the OS using yum update -y, I get the following errors:

Oracle Linux 8 BaseOS Latest (x86_64) 0.0 B/s | 0 B 00:01
Errors during downloading metadata for repository 'ol8_baseos_latest':

  • Curl error (60): Peer certificate cannot be authenticated with given CA certificates for https://yum.oracle.com/repo/OracleLinux/OL8/baseos/latest/x86_64/repodata/repomd.xml [SSL certificate problem: unable to get local issuer certificate]
    Error: Failed to download metadata for repo 'ol8_baseos_latest': Cannot download repomd.xml: Cannot download repodata/repomd.xml: All mirrors were tried
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