Oil falls after US-Iran talks conclude in Switzerland

Oil prices declined 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 LCOc1 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.

U.S. West Texas Intermediate crude futures CLc1 were at $76 a barrel, down 60 cents, ahead of the contract’s expiry later on Monday. The more active August contract CLc2 fell 69 cents to $75.16 a barrel. There was no settlement in the U.S. market on Friday due to a holiday.