Oil prices fell on Monday on optimism over US-Iran talks, with mediators flagging a “roadmap” to a final agreement, while equities were mixed.
After a meeting planned for Friday was cancelled owing to fighting between Israel and Hezbollah, the negotiations finally got underway on Sunday in Switzerland with teams led by US Vice President JD Vance and Iran’s Mohammad Bagher Ghalibaf.
Traders remain in buoyant mood after news that the two foes had paused their conflict, which had sent energy costs soaring and stoked inflation, sending shivers through the global economy.
There were initial jitters following reports that Iran had called off the talks over US President Donald Trump’s threat to carry out more strikes if Hezbollah kept attacking Israel, but mediators Pakistan and Qatar said the talks took place in “a positive and constructive atmosphere”.
The mood improved as Qatar and Pakistan announced progress in the talks, which aim to address Tehran’s nuclear programme and reopen the Strait of Hormuz, through which about a fifth of oil and gas passes.
