Oil prices decline with the conclusion of the US-Iranian negotiations in Switzerland
Oil prices fell on Monday, after the conclusion of US-Iranian talks in Switzerland, where Tehran announced it had obtained exemptions for oil and petrochemical exports, alleviating concerns about supply shortages in global markets.
Brent crude fell by 1.68 $, or 2.09%, reaching $78.89 per barrel by 06:33 GMT. Prices had risen to $82.30 at the start of trading, driven by a faltering start to the talks with US President Donald Trump’s threats to revive the war on Iran, and Tehran’s announcement to close the Strait of Hormuz again.
US West Texas Intermediate crude futures reached $76 a barrel, a decline of 60 cents, before the contract expired later on Monday. The August contract, the most actively traded, fell 69 cents to $75.16 a barrel.
High-ranking US and Iranian officials concluded their first round of talks in Switzerland on Monday, brokers said. The talks began on Sunday under a memorandum of understanding reached last week to extend the fragile ceasefire that began in April for at least another 60 days.
The Iranian Foreign Minister said Abbas Araghchi that his country obtained exceptions for oil and petrochemical exports, released some frozen assets, and launched a plan for the reconstruction and development of Iran.
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