Oil Declines After US-Iran Peace Talks Show Signs of Progress
Crude oil prices declined after mediators Qatar and Pakistan reported encouraging progress from the first round of high-level talks in Bürgenstock, Switzerland. The parties agreed to a roadmap to reach a final deal within 60 days. This follows a period of volatility sparked by threats from President Donald Trump and the closure of the Strait of Hormuz.
What changed
Oil prices fell and Brent crude dropped 1.85 per cent after initial tensions over US threats and Iranian closures gave way to a 60-day deal roadmap.
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Oil Prices Drop Following US-Iran Peace Talk Progress
confidence 90%Crude oil prices declined after mediators Qatar and Pakistan reported encouraging progress from the first round of high-level talks in Bürgenstock, Switzerland. The parties agreed to a roadmap to reach a final deal within 60 days. This follows a period of volatility sparked by threats from President Donald Trump and the closure of the Strait of Hormuz.
What's confirmed:
- US and Iranian negotiators met at the Swiss resort of Bürgenstock for the first time since signing a memorandum of understanding last week.
- Mediators Qatar and Pakistan announced encouraging progress after nearly 18 hours of talks.
- The parties agreed on a roadmap to reach a final deal in 60 days.
- Brent crude fell 1.85 per cent to US$79.08 as at 2.40pm Singapore time.
- U.S. oil prices fell below $74 a barrel due to a 60-day pause on Iranian oil sanctions.
- Iran's foreign minister stated there was major progress toward ending fighting in Lebanon.
Still unconfirmed:
- President Donald Trump threatened strikes on Iran if Hezbollah continues attacking Israel.
- Iran closed the Strait of Hormuz.