Brent crude falls to $80.07 after Iranian officials report advances in peace negotiations with the U.S.
Oil prices retreated and equity markets edged lower after Iranian and U.S. negotiators reported progress in peace talks, easing fears of escalation. Brent crude futures dropped 0.7% to $80.07 a barrel, well below the May peak of $126.41.
The talks, mediated by Qatar and Pakistan, concluded with a roadmap for a final deal within 60 days. Earlier tensions had flared after Iran closed the Strait of Hormuz, though shipping activity resumed with 55 vessels passing on Saturday.
Europe’s STOXX 600 and S&P 500 futures both traded 0.1% lower, while Asian markets rose, with Japan’s Nikkei gaining 1.6%. Analysts cautioned that obstacles remain before a lasting agreement is reached.