Global crude prices fell Monday after U.S.-Iran talks concluded with Tehran securing export waivers. Brent crude slid 1.48% to $79.38 a barrel, while U.S. West Texas Intermediate futures dropped to $76.73 ahead of expiry.
The diplomatic progress in Switzerland instantly defused supply anxieties. Earlier, Brent had surged to $82.30, fueled by friction and threats from U.S. President Donald Trump to restart hostilities.
Fears had also mounted when Tehran announced it re-closed the critical Strait of Hormuz waterway. However, the unexpected export exemptions rapidly erased that geopolitical risk premium, pulling both benchmarks downward.
This high-stakes diplomacy builds directly on a broader interim peace deal fast-tracked last week. Both nations signed a memorandum of understanding establishing a 60-day roadmap toward a comprehensive agreement.
Analysts noted that despite the volatile rhetoric, the Swiss breakthrough successfully revives concrete expectations for normalized shipping lanes and a steady return of Iranian crude oil to international energy markets.
