Oil prices retreated on Monday, reversing earlier gains, after Iran’s Foreign Minister said there had been “significant progress” toward ending fighting in Lebanon during the first session of high-level talks with the United States.
Pakistan and Qatar, which are mediating negotiations in Switzerland aimed at securing a lasting peace deal, said in a joint statement that “encouraging progress” had been made after the session concluded.
Oil prices had risen earlier in the day amid uncertainty over the status of the Strait of Hormuz. But the optimism of the first round of talks helped drive down oil prices.
