Dawn
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07:06 Jun 22, 2026
Oil prices declined on Monday after US-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 $1.68, or 2.09 per cent, to $78.89 a barrel by 0633 GMT (11:33am PKT). Prices had climbed to $82.30 at the start of trading, fuelled by a bumpy start to the talks with threats from US President Donald Trump to restart the war on Iran and Tehran’s announcement it had again closed the Strait of Hormuz. US West Texas Intermediate crude futures were at $76 a barrel, down 60 cents, ahead of the contract’s expiry later on Monday. The more active August contract fell 69 cents to $75.16 a barrel. There was no settlement in the US market on Friday due to a holiday. “The decline has been driven primarily by improving prospects for a diplomatic breakthrough between the United States and Iran … reviving hopes that sanctions on Iran could eventually be eased,” said Sugandha Sachdeva, founder of SS W...