Oil prices fall and stock markets rise as US-Iran peace talks progress – business live

Key events Brent crude prices at lowest level since March Oil prices are trading at their lowest level since March, though analysts say it may be too early to peg hopes on a sustained drop in energy prices despite progress in US-Iran peace talks this weekend. Brent crude prices are at their lowest level since March. Illustration: Refinitiv Stephen Innes , an analyst with SPI Asset Management, says it is important “not to overcook Monday’s oil move” : double quotation mark Brent shorts had built meaningfully last week, so part of the early upside looks like traders taking risk down rather than launching into a full-blown conflict trade. When positioning has leaned too far into calm, it does not take much tension to force a little oxygen back into the price. That is less a declaration of war than a reminder that carrying shorts into a geopolitical negotiation is rarely a comfortable overnight position. Patrick Wintour and Jonathan Yerushalmy Iran’s foreign minister has declared “progress” after the first day of talks between high-ranking officials from Washington and Tehran ended in Switzerland, despite a tense opening marked by Donald Trump threats to restart attacks. A joint statement from mediators Qatar and Pakistan said the ⁠US and Iran agreed to a roadmap towards⁠ a final deal within 60 days. …