Oil prices dipped on Monday after reports that US and Iranian officials made progress in peace talks.
Brent, the global benchmark, fell 1.7% early morning ET to $79 a barrel while WTI, the US benchmark, ticked down 0.9% to $75 a barrel.
US-Iran negotiations concluded constructively in Switzerland overnight and technical talks will continue this week, according to mediators.
Oil traders have been watching closely how negotiators handle the reopening of the Strait of Hormuz.
There are signs that traffic through the waterway has increased slightly over the past 24 hours, according to data from MarineTraffic reviewed by CNN.
After Sunday’s talks in Switzerland ended, Qatar and Pakistan said Iran and the US had formed a “line of communication” for the Strait of Hormuz, raising hopes that stability for the oil trade chokepoint lies ahead.
Source: CNN
– Agencies
