Oil eases after U. S. -Iran discussions wrap up | News. az
Oil prices fell on Monday after U. S. -Iran talks in Switzerland ended with Tehran securing export waivers for oil and petrochemicals, easing concerns over global supply disruptions. Brent crude fell $1. 68, or. . .
Oil prices fell on Monday after U. S. -Iran talks in Switzerland ended with Tehran securing export waivers for oil and petrochemicals, easing concerns over global supply disruptions. Brent crude fell $1. 68, or 2. 09%, to $78. 89 a barrel by 0633 GMT. Prices had 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,News. Azreports, citingBusiness Recorder. RECOMMENDED STORIESOil prices dip while Asian stocks show mixed performanceNo-fly zone for US-Iran talks paralyzes Zurich AirportPezeshkian confirms $6B asset release as US talks beginIAEA head backs US-Iran nuclear talks in SwitzerlandU. S. West Texas Intermediate crude futures were at $76 a barrel, down 60 cents, ahead of the contract’s expiry later on Monday. The more active August contract fell 69 cents to $75. 16 a barrel. There was no settlement in the U. S. market on Friday due to a holiday. “The decline has been driven primarily by improving prospects for a diplomatic breakthrough between the United States and Iran … reviving hopes that sanctions on Iran could eventually be eased,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm. High-ranking U. S. and Iranian officials wrapped up their first round of talks in Switzerland on Monday, mediators said. The talks began on Sunday under the terms of a memorandum of understanding reached last week to extend a tenuous ceasefire from April for at least another 60 days. Iranian Foreign Minister Abbas Araqchi said his country had secured waivers for oil and petrochemical exports, the release of some frozen assets and the launch of a reconstruction and development plan for Iran. “Such a development would allow nearly 1. 5 million barrels per day of Iranian crude to return to international markets, significantly improving global supply availability at a time when demand growth remains moderate,” Sachdeva said. News. AzBy Ulviyya Salmanli