Baghdad: Oil prices fell on Monday after the United States and Iran pledged to continue talks, easing concerns about a potential conflict that could disrupt supplies from the region. Brent crude futures dropped 49 cents, or 0.72%, to $67.56 a barrel, following a 50-cent rise at Friday’s settlement.

According to National Iraqi News Agency, U.S. West Texas Intermediate crude futures also saw a decrease, falling 42 cents, or 0.66%, to $63.13 a barrel, after a 26-cent increase at Friday’s settlement. The easing of tensions between the US and Iran contributed to this decrease.

Both benchmark Brent and WTI crude experienced a decline of more than 2% last week as tensions eased, marking their first decline in seven weeks. This development reflects the impact of international diplomatic efforts on the global oil market.