Oil prices traded lower on Monday as signs of diplomatic progress between the United States and Iran helped ease fears of a Middle East conflict.
Benchmark Brent crude futures fell nearly 1 percent to $67.40 a barrel while WTI crude futures were down a little over 1 percent at $62.90.
Immediate fears of a conflict in the Middle East subsided after Iran and the U.S. pledged to continue nuclear talks, following what both sides described as a cautious step forward.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.