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Oil prices fell on Monday on expectation that talks between the United States and Iran on reviving an agreement limiting the development of nuclear weapons for the OPEC member will end, although concerns about global supplies limited losses.
On Friday, the administration of US President Joe Biden restored Iran’s sanctions exemption to allow international nuclear cooperation projects as talks on the 2015 international nuclear deal entered the final stage.
If the United States lifts sanctions on Iran, it could increase oil shipments, leading to an increase in global oil supply.
Brent crude fell 53 cents, or 0.6%, to $92.74 a barrel, after rising $2.16 on Friday.
US West Texas Intermediate crude fell 74 cents, or 0.8%, to $91.57 a barrel, after rising $2.04 in the previous session.
Both benchmarks reached their highest levels in seven years on Friday, continuing their rise for the seventh week due to continuing concerns about supply disruptions.