Oil slips after US-Iran conclude talks in Switzerland
Key takeaways
- Brent crude fell $1.53, or 1.90%, to $79.04 a barrel by 0656 GMT.
- West Texas Intermediate crude futures were at $76.53 a barrel, down 7 cents, ahead of the contract’s expiry later on Monday.
- High-ranking U.S. and Iranian officials wrapped up their first round of talks in Switzerland on Monday, mediators said.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Oil prices slid on Monday after U.S.-Iran talks concluded in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a supply shortage in global markets.
Brent crude fell $1.53, or 1.90%, to $79.04 a barrel by 0656 GMT. Prices had earlier climbed to $82.30 at the start of trading, fuelled by a bumpy start to the talks with threats from U.S. President Donald Trump to restart the war on Iran and Tehran’s announcement it had again closed the Strait of Hormuz.
U.S. West Texas Intermediate crude futures were at $76.53 a barrel, down 7 cents, ahead of the contract’s expiry later on Monday. The more active August contract fell 55 cents to $75.30 a barrel. There was no settlement in the U.S. market on Friday due to a holiday.