Brent slips 1.40% after U.S.-Iran talks end first round in Switzerland

On June 22, 2026, the United States and Iran completed a first round of talks in Switzerland, with Iran’s foreign minister saying oil and petrochemical exports would be exempted and some frozen assets released. Following the news, Brent crude futures fell 1.40% to $78.93 a barrel in early trading, while WTI slipped 0.26% to $65.65. India’s MCX crude oil futures also declined by more than 1.2%. Markets interpreted the developments as boosting expectations of Iranian oil supply returning, weighing directly on global crude prices.