finance
Oil Prices Fall After Iran Reports Progress in Lebanon Talks
Oil prices declined after Iran's foreign minister stated that the first session of high-level talks produced major progress toward ending fighting in Lebanon. The statement followed renewed diplomatic efforts between the U.S. and Iran.
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Oil prices fell after Iran's foreign minister said the opening round of high-level talks produced major progress toward ending the fighting in Lebanon. The foreign minister made the statement during the first session of renewed U.S.-Iran talks. Market participants reacted immediately to the reported diplomatic movement.
Brent crude dropped more than 2 percent in early trading.
Traders cited reduced risk of supply disruption as the main driver behind the move.
Lebanon has raised concerns about regional oil flows in recent weeks. Diplomats from both countries had not held direct talks at this level since earlier this year.
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