Optimism over talks between the United States and Iran sent oil prices retreating on Monday, reversing earlier gains.
Pakistan and Qatar, which are mediating the negotiations in Switzerland aimed at securing a lasting peace agreement, said in a joint statement that “encouraging progress” had been made after the first session of high-level talks.
The Trump administration temporarily lifted oil sanctions against Iran on Monday, allowing the country to increase oil exports and to charge market prices, after years of not being able to do so. And Vice President JD Vance outlined a proposal for potentially unfreezing Iranian assets at a later date, and he insisted on Monday that the Strait of Hormuz “is open” to commercial shipping, despite some confusion over the weekend about the state of the narrow waterway between Iran and Oman that is a vital trading route for oil and natural gas.
The New York Times
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