OIL prices fell Monday on optimism over talks by the US and Iran after mediators flagged a “roadmap” to a final agreement, while major stock markets traded mixed.
The British pound and the London stock market firmed, and the UK’s benchmark 10-year bond dipped, after Britain’s embattled Prime Minister Keir Starmer announced his widely expected resignation.
Internationally, the main focus remained firmly on the Middle East and the prospects for a reopening of the Strait of Hormuz to tanker and cargo traffic.
Iran’s senior envoys left talks in Switzerland on Monday after a marathon negotiating session with the United States, state media reported.
US Vice-President JD Vance declared that a “very good foundation” had been laid for negotiations towards a final deal with Iran, with mediators also claiming progress.
“The latest developments out of the Middle East have turned more constructive,” said Deutsche Bank analyst Jim Reid, adding that a pickup in oil flows through the Strait of Hormuz was “helping to calm markets”.
Switzerland said conditions were set for further US-Iran talks that aim to secure a long-term settlement within 60 days.
Last week, Tehran and Washington signed a memorandum of understanding laying the groundwork for the negotiations, after a 40- day war that was followed by weeks of an inconclusive and oft-breached ceasefire. — AFP
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