22.06.202611:21:59UTC+00Oil Slips on Progress in US-Iran Negotiations

Crude oil slipped to about $75.30 per barrel on Monday, trading near its lowest level since early March as easing geopolitical tensions and progress in US–Iran talks bolstered expectations of a gradual recovery in Persian Gulf supply. Iranian Foreign Minister Abbas Araghchi said negotiations in Switzerland had made “major progress” toward stabilizing the broader region, despite earlier volatility and threats to suspend the talks. Mediators Qatar and Pakistan reported that both sides had agreed to a 60-day roadmap toward a possible final agreement, alongside ongoing technical discussions and the creation of a monitoring mechanism. Shipping data also showed continued traffic through the Strait of Hormuz over the weekend. Market participants highlighted rising Iranian exports via the strait, including discounted crude shipments to China, as evidence of Tehran’s efforts to preserve market share despite the conflict.