Brent crude oil falls to $78.99 per barrel

Oil prices fell following the conclusion of the first round of US-Iranian talks in Switzerland, Report informs via trading data.

August Brent crude futures fell 1.96% to $78.99 per barrel on London's ICE Futures exchange, while WTI futures fell 0.78% to $75.26 per barrel on the New York Mercantile Exchange (NYMEX) electronic trading.

A statement from the mediators – Qatar and Pakistan – noted the progress made by the parties, including the creation of a mechanism for further technical negotiations.

Iranian Foreign Minister Abbas Araghchi wrote on X that, following the consultations, Tehran had secured sanctions relief for oil and petrochemical exports, the lifting of the naval blockade, and the release of some frozen assets.