Oil prices fell on Monday after US-Iran talks concluded in Switzerland. Tehran said it had received waivers for oil and petrochemical exports, which eases worries about a supply shortage in global markets.
Brent crude dropped $1.53 (1.90%) to $79.04 per barrel by 0656 GMT. Earlier in the day, prices had risen to $82.30 due to an unstable start to the talks, including threats from U.S. President Donald Trump about restarting conflict with Iran and Iran’s announcement that it had closed the Strait of Hormuz again.
US West Texas Intermediate (WTI) crude futures were at $76.53 per barrel, down 7 cents ahead of the contract’s expiry later on Monday. The more active August contract fell 55 cents to $75.30 per barrel. There was no US market settlement on Friday because of a holiday.
Top US and Iranian officials concluded their first round of talks in Switzerland, according to mediators. The discussions began on Sunday under an agreement to extend a fragile ceasefire from April for at least another 60 days.
Iranian Foreign Minister Abbas Araqchi said Iran secured waivers for oil and petrochemical exports, access to some frozen funds, and a plan for reconstruction and development.
Market analyst Tony Sycamore from IG said the talks showed some progress, including plans to form a high-level committee, but it is still unclear whether these steps will lead to real results, especially in Southern Lebanon, where tensions between Israel and Hezbollah continue.
