Oil Prices Drop Over 1% as U.S.-Iran Talks Ease Supply Concerns: Brent and WTI Fall

Oil prices fell more than 1% Monday as easing U.S.-Iran diplomatic talks reduced immediate supply disruption risks. Brent crude futures dropped 84 cents, or 1.2%, to $67.21, and U.S. West Texas Intermediate crude fell 82 cents, or 1.3%, to $62.73. The Strait of Hormuz, through which about a fifth of global oil passes, remains a key focus as volatility lingers from conflicting rhetoric and Western measures to limit Russia's oil revenue, including a European ban on services supporting seaborne Russian crude exports.