Summary The market reaction came after mediators Qatar and Pakistan announced "encouraging progress" following nearly 18 hours of talks between US and Iranian negotiators.
(Web Desk) - Oil prices eased and global stock markets steadied on Monday after signs of progress emerged from US-Iran talks in Switzerland, helping ease concerns that negotiations were breaking down.
Brent crude shed early gains to trade down 0.4% at $80.17 a barrel, while US crude remained 1.2% higher at $77.52. Both benchmarks remain well below the highs reached during the conflict.
The market reaction came after mediators Qatar and Pakistan announced "encouraging progress" following nearly 18 hours of talks between US and Iranian negotiators.
S&P 500 futures trimmed earlier declines to trade down 0.2%, while Nasdaq futures fell 0.3%. In Europe, Euro Stoxx 50 futures edged down 0.1%, DAX futures were little changed and FTSE futures rose 0.1%.
The high-level meeting follows a memorandum of understanding signed by both sides last week, which was tested over the weekend after Iran claimed to have closed the Strait of Hormuz, accusing Israel of violating a ceasefire in Lebanon. Iranian Foreign Minister Abbas Araghchi said in a post on X that mediation in Switzerland has delivered major progress to end the conflict in Lebanon.
Negotiations got off to a shaky start when Iranian media reported the Islamic Republic halted discussions following Trump's threat, but people familiar with the matter said they continued into the early hours of Monday in Switzerland.
Talks covered topics including mechanisms to ensure the strait remains open and how to enforce the ceasefire between Israel and Hezbollah in southern Lebanon, according to a senior US diplomat engaged in the discussions.
