Diplomatic progress between Iran and the US weighs on crude prices after a 60-day license allows Iran to sell oil internationally.
Oil prices fell as diplomatic talks between the US and Iran advanced, with Brent crude dropping to USD 77.90. The decline follows a 60-day US license permitting Iran to sell crude globally, easing supply constraints.
More than 30 million barrels have already been shipped, adding to global supply. Prior to the talks, Brent traded near USD 80, reflecting market sensitivity to geopolitical developments in key oil-producing regions.
The immediate market reaction saw both Brent and WTI contracts extend losses, though trading volumes remained subdued ahead of further updates.