Oil falls amid Iran talk progress
Oil prices declined after the U.S. Vice President's statements about progress in talks with Iran and the opening of the Strait of Hormuz, as American and Iranian officials concluded the first round of discussions in Switzerland. This coincided with Brent crude falling to $78.83 per barrel and West Texas Intermediate futures dropping to $75.87, despite earlier market increases caused by Trump’s threats and Iran’s closure of the Strait of Hormuz. Ship movement data recorded the crossing of two tankers carrying less than two million barrels of oil, amidst Iran’s efforts to restore its exports and rebuild.
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