Oil price falls more than 1% - US-Iran talks ease supply concerns
Oil prices fell more than 1% on Monday as fears of a Middle East conflict eased after the United States and Iran pledged to continue indirect talks over Tehran's nuclear program, easing concerns about potential supply disruptions.
Brent crude futures fell 84 cents, or 1.2%, to $67.21 a barrel on Monday morning, while U.S. crude fell 82 cents, or 1.3%, to $62.73.
"With more talks on the horizon, immediate fears of supply disruptions in the Middle East have eased considerably," market analysts said. Iran and the United States pledged to continue talks after what both sides described as positive discussions on Friday in Oman. That eased concerns that a failure to reach a deal could push the Middle East closer to war as the United States has deployed more military forces to the region. About a fifth of the world's oil consumption passes through the Strait of Hormuz between Oman and Iran.
Both oil indexes fell more than 2% last week as tensions eased, their first decline in seven weeks.
However, Iran's foreign minister said the country would attack US bases in the Middle East if attacked by US forces, indicating the growing threat of conflict.
"Volatility remains high as contradictory rhetoric continues. Any negative headlines could quickly revive risk premia in oil prices this week," market analysts said.
Investors are also grappling with Western efforts to curb Russia's oil export revenues that support its war in Ukraine. The European Commission on Friday proposed a complete ban on any services that support Russia's crude oil exports by sea.
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