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#FirstRoundOfUSIranTalksConcludes
Oil prices declined after US-Iran talks concluded in Switzerland with Tehran saying it secured waivers for oil and petrochemical exports, easing worries about a supply shortage in global markets.
Brent crude fell $1.68, or 2.09 percent, to $78.89 a barrel by 06:33 GMT.
Prices climbed to $82.30 at the start of trading, prompted by a bumpy start to the negotiations, with threats from President Trump to restart the war on Iran and Tehran’s announcement it again closed the Strait of Hormuz.
“The decline has been driven primarily by improving prospects for a diplomatic breakthrough between the United States and Iran … reviving hopes that sanctions on Iran could eventually be eased,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.