Oil Settles Down More 3% After US-Iran Talks Signal Easing Supply Risks

• Oil prices settled more than 3% lower on Monday, as supply concerns eased after U.S. Vice President ​JD Vance said progress has been made in talks with Iran and the Strait of Hormuz was open.
• Brent crude ‌settled down $2.67, or 3.31%, at $77.90 a barrel. In early trading, prices had climbed to $82.30 because of threats by U.S. President Donald Trump to restart the Iran war, and Tehran's announcement that it had again closed the strait. U.S. West Texas Intermediate crude futures expired on Monday and settled at $74.82 a barrel, down $1.78 or 2.32%. The more-active ​August contract lost $1.99 and settled at $73.86 a barrel.
• High-ranking U.S. and Iranian officials wrapped up their first round of talks in Switzerland ​on Monday, mediators said. The discussions began on Sunday under the terms of a memorandum of understanding reached ⁠last week to extend a tenuous ceasefire from April for at least another 60 days.
• The United States authorised Iranian oil sales on Monday. ​The general license, announced by the Treasury Department, allows the sale of crude oil, petrochemical and petroleum products of Iranian origin through August ​21.
• Meanwhile, Iran did not negotiate on its nuclear program and did not accept any new commitments in Sunday's talks with the U.S. in Switzerland, Foreign Ministry spokesperson Esmaeil Baghaei told the official Islamic Republic News Agency (IRNA) news agency.

(Source: Reuters)