Global oil prices fell on Monday, June 22, after the conclusion of talks between the United States and Iran in Switzerland.
Downward pressure on the market came amid expectations of a possible easing of sanctions on Tehran, which could increase global oil supply, Reuters reports.
Brent crude futures were down $1.19, or 1.48%, at $79.38 per barrel at 08:16 Baku time. Earlier in the session, prices had climbed to $82.30 amid a tense start to the negotiations and concerns over shipments through the Strait of Hormuz.
US West Texas Intermediate (WTI) futures were trading at $76.73 per barrel, while the more active August contract fell to $75.64.
According to Sugandha Sachdeva, head of analytics at SS WealthStreet, the decline in prices is primarily linked to improved prospects for a diplomatic settlement between Washington and Tehran.
Senior US and Iranian officials have concluded their first round of talks in Switzerland, mediators said. The discussions began on Sunday, June 21, under a memorandum of understanding reached last week to extend a fragile April ceasefire by at least 60 days.
By Jeyhun Aghazada
