Oil Prices Slip After U.S.-Iran Talks Report Progress on Lebanon Ceasefire

Iran’s foreign minister said the first session of high-level talks with the United States in Switzerland made “major progress” toward a ceasefire in Lebanon. Pakistan and Qatar, acting as mediators, said in a joint statement that “encouraging progress” had been achieved after the session ended. Oil prices had risen earlier on uncertainty over the Strait of Hormuz, but optimism from the opening round pushed prices lower.