Oil prices fell on Monday after US-Iran talks in Switzerland concluded with Tehran saying it had secured waivers for oil and petrochemical exports, easing concerns over potential supply disruptions in global energy markets.
Brent crude futures were down $1.53, or 1.90 per cent, at $79.04 per barrel. Prices had earlier risen to $82.30 at the start of trading amid uncertainty surrounding the talks and renewed geopolitical tensions.
US West Texas Intermediate (WTI) crude futures traded at $76.53 a barrel, down 7 cents, ahead of the contract's expiry later on Monday. The more active August contract fell 55 cents to $75.30 a barrel. There was no settlement in the US market on Friday due to a public holiday
