Oil prices fell nearly 2% in Asian trading on Monday as nuclear talks between the United States and Iran eased concerns about supply disruptions and a temporary ceasefire between Russia and Ukraine further reduced oil risk premiums.
Iran says its nuclear program is for peaceful purposes and is willing to negotiate some restrictions in exchange for the lifting of international sanctions.
Progress in U.S.-Iran nuclear talks has raised expectations that Iranian oil will re-enter global markets, boosting supply. Markets can respond quickly to any signs of easing geopolitical risk, especially in key energy-producing regions.
