Global oil prices fell more than 3% on Monday following statements about progress in negotiations between the United States and Iran, as well as amid easing concerns over supply disruptions through the Strait of Hormuz. Reuters reports, writes UNN.
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Brent crude oil prices fell by $2.67, or 3.31%, to $77.90 per barrel at the close of trading. At the same time, during the session, quotes rose to $82.30 per barrel.
Futures for U.S. West Texas Intermediate crude oil with July delivery closed at $74.82 per barrel, down $1.78 from the previous session. The more active August contract lost $1.99 and ended trading at $73.86 per barrel.
The U.S. and Iran held a new round of negotiations
The impetus for the price decline came from statements by U.S. Vice President JD Vance about progress in negotiations with Iran and signals regarding the opening of the Strait of Hormuz for navigation.
According to mediators, senior U.S. and Iranian officials completed the first round of talks in Switzerland on Monday.
The negotiation process began on Sunday in accordance with a memorandum of understanding concluded last week. The document provides for an extension of the ceasefire regime for at least another 60 days.
In addition, the U.S. Department of the Treasury announced a general license allowing the sale of Iranian oil, petrochemical products, and petroleum products until August 21.
The US Treasury issued a 60-day license for the extraction and sale of Iranian oil22.06.26, 21:24