Iran's Oil Exports Get Waivers Amid US Talks

The global oil market experienced a price drop on Monday after high-level talks between the US and Iran concluded in Switzerland. Iranian officials stated that their country had secured waivers for oil and petrochemical exports, easing concerns about supply shortages.

Brent crude fell $1.35 to $79.22 per barrel by 1009 GMT, while U.S. West Texas Intermediate crude futures rose 40 cents to $77.00 a barrel ahead of the contract's expiry later in the day.

UBS analyst Giovanni Staunovo attributed the decline in oil prices to the progress made between the US and Iran during their talks. He noted that Iran had resumed its oil exports, which were blocked earlier this month due to a US naval blockade.

The recovery of Iranian oil supply is expected to be challenging, with ANZ predicting that around 2 million to 3 million barrels per day will be restored in the first four weeks, and potentially up to 5.5 million barrels per day in the third quarter of 2026 subject to stability.