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Oil drops on France's Iran talk updates
Oil prices declined after U.S. Vice President Kamala Harris hinted at progress in talks with Iran and the reopening of the Strait of Hormuz, leading to a decrease in Brent crude by $1.74 to $78.83 per barrel. Meanwhile, West Texas Intermediate futures fell to $75.87. A round of negotiations between U.S. and Iranian officials began in Switzerland following the extension of the ceasefire for 60 days. Markets faced concerns over the potential resumption of war or escalation of tensions. Iranian officials also indicated exemptions for oil exports and the return of some supplies to the market, as traffic through the Strait of Hormuz gradually increased.
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