Iran secured oil export waivers in US-mediated talks, easing supply concerns and pushing Brent crude down by $0.61 to $79.96.
Brent crude fell to $79.96 a barrel, down $0.61, after Iran announced it had obtained waivers for oil and petrochemical exports. The decline followed earlier gains to $82.30 amid fears of renewed US-Iran conflict and supply disruptions.
Prices had risen on concerns over military threats and Iran’s temporary closure of the Strait of Hormuz. West Texas Intermediate futures stood at $77.20, while the more active August contract rose $0.19 to $76.04.
US and Iranian officials met in Switzerland under a ceasefire extension agreement, securing waivers and releasing frozen assets. The talks aimed to prolong a fragile truce established in April.