Oil prices fall as US, Iran end talks in Switzerland

Oil prices fell on Monday, June 22, 2026, after United States-Iran talks concluded ​in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a ‌supply shortage in global markets.

Brent crude fell $1.53, or 1.90%, to $79.04 a barrel by 0656 GMT.

Prices had earlier climbed to $82.30 at the start of trading, fuelled by a bumpy start to the talks with threats from U.S. President Donald Trump to restart the war on Iran and Tehran’s announcement it ​had again closed the Strait of Hormuz.

U.S. West Texas Intermediate crude futures were at $76.53 a barrel, down 7 cents, ​ahead of the contract’s expiry later on Monday.

The more active August contract fell 55 cents to $75.30 ⁠a barrel. There was no settlement in the U.S. market on Friday due to a holiday.

Mediators disclosed that high-ranking U.S. and Iranian officials wrapped ​up their first round of talks in Switzerland on Monday.

US, Iran begin peace talks in Switzerland

The talks began on Sunday under the terms of a memorandum ​of understanding reached last week to extend a tenuous ceasefire from April for at least another 60 days.

Iranian Foreign Minister Abbas Araqchi said his country had secured waivers for oil and petrochemical exports, the release of some frozen assets and the launch of a reconstruction, and development plan for Iran.

IG market analyst Tony Sycamore said: “High-level ​talks between the U.S. and Iran in Switzerland over the weekend appear to have produced some progress, with both sides agreeing ​to establish a high-level committee.

“However, whether these steps will deliver meaningful results on the ground remains to be ‌seen, particularly ⁠in Southern Lebanon where both Israel and Hezbollah are seemingly intent on continuing their struggle.”