Crude Oil Prices Plummet on US-Iran Talks Easing Supply Concerns
Global crude oil prices declined sharply on Monday after talks between the United States and Iran concluded in Switzerland, easing concerns over supply disruptions and raising hopes of increased Iranian oil exports.
The international benchmark Brent crude fell more than 2% to around $79 a barrel, while US West Texas Intermediate (WTI) crude traded near $75 per barrel, a decrease of 3%.
This decline came after senior US and Iranian officials reportedly wrapped up the first round of talks aimed at extending a fragile ceasefire and reducing tensions in the region.
Iranian Foreign Minister Abbas Araqchi has said that Tehran had secured waivers for oil and petrochemical exports, the release of some frozen assets, and the launch of a reconstruction and development plan for the country.