Oil prices fell on Monday after talks between the United States and Iran concluded in Switzerland, easing concerns over potential disruptions to global crude supplies. Brent crude futures dropped $1.53, or 1.9%, to $79.04 a barrel.
Prices had earlier climbed to as high as $82.30 a barrel at the start of trading after a tense opening to the negotiations. Markets were initially rattled by U.S. President Donald Trump’s threats to resume military action against Iran and Tehran’s announcement that it had again closed the Strait of Hormuz.
U.S. West Texas Intermediate (WTI) crude futures settled at $76.53 a barrel, down 7 cents, ahead of the contract’s expiration later on Monday.
The more actively traded August WTI contract fell 55 cents to $75.30 a barrel.
Trading volumes were affected by the absence of a settlement in U.S. markets on Friday due to a public holiday, according to Reuters.
The decline in prices came after the conclusion of U.S.-Iran talks in Switzerland, which mediators described as constructive and said had produced encouraging progress toward a broader agreement.
