Oil Falls After US-Iran Talks Conclude in Switzerland
Analysts said the talks could eventually bring about 1.5 million barrels a day of Iranian crude back to global markets.
- High-Ranking Iranian and Iran-US officials concluded their first round of talks in Switzerland on Monday, agreeing to establish a high-level committee to address ongoing tensions.
- These discussions began under a 60-day ceasefire extending from April and followed recent closures of the Strait of Hormuz by Iran due to alleged Israeli and Iran-US violations of the interim peace deal.
- Brent crude fell $1.19, or 1.48 per cent, to $79.38 a barrel by 0416 GMT, while West Texas Intermediate futures dropped 55 cents as markets reacted to the talks' conclusion.
- Iranian Foreign Minister Abbas Araqchi stated Tehran secured waivers for oil and petrochemical exports, alongside the release of frozen assets and a new reconstruction and development plan.
- Despite progress, ING analysts warn of "VERY REAL RISKS" of hostilities during the 60-day ceasefire, as technical talks continue in Burgenstock with support from Pakistan and Qatar.
47 Articles
47 Articles
Oil Prices Drop After US-Iran Talks Conclude in Switzerland
Oil prices dropped on June 22 in the wake of talks between the United States and Iran in Switzerland the day before. Brent crude was trading at around $78.40 a barrel at 9:30 am GMT, after prices climbed to $81.75 per barrel at the start of trading. U.S. West Texas Intermediate crude futures dropped to around $75.20 a barrel, down from a high of $81.67 shortly after markets opened. The drop in prices followed U.S. Secretary of Energy Chris Wrigh…
The first round of talks between the US and Iran in Switzerland has concluded. Apparently, there were some signs of progress. There are plans for further exchanges – for example, on the situation in the Strait of Hormuz.
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Oil Prices Fall as U.S.-Iran Talks Ease Supply Concerns and Raise Prospects for Increased Exports
Oil prices moved lower on Monday after diplomatic talks between the United States and Iran concluded in Switzerland with signs of progress, easing fears of ... The post Oil Prices Fall as U.S.-Iran Talks Ease Supply Concerns and Raise Prospects for Increased Exports first appeared on [your]NEWS.
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