Crude oil fell below $76 per barrel on Monday, surrendering earlier gains as investors responded positively to signs of progress in ongoing US–Iran peace talks. A joint statement from Qatar and Pakistan, which are mediating negotiations in Switzerland, said both sides had agreed to a roadmap targeting a final agreement within 60 days.
Oil prices had opened sharply higher after President Donald Trump threatened new strikes if Hezbollah continued attacking Israel and warned Tehran against once again closing the Strait of Hormuz. Iranian media later reported that Tehran had suspended the talks in response to Trump’s comments, though sources familiar with the negotiations said discussions were still continuing.
In the meantime, millions of barrels of crude continued to transit the Strait of Hormuz over the weekend, while producers across the Persian Gulf readied plans to increase output.
