Oil declines over 1% as worries regarding a potential US-Iran conflict diminish

Oil prices fell over 1% at the start of trading on Monday as worries regarding a potential conflict in the Middle East between the U.S. and Iran diminished following the conclusion of a round of talks between the two nations on Friday.

Brent crude futures declined by 89 cents, or 1.31%, reaching $67.16 a barrel as of 2309 GMT.

U.S. West Texas Intermediate crude was priced at $62.76 a barrel, reflecting a decrease of 79 cents, or 1.24%.

On Friday, Iran’s leading diplomat stated that the nuclear discussions with the U.S., facilitated by Oman, had begun positively and were set to proceed. These comments may help ease worries that a lack of agreement could push the Middle East nearer to conflict.