World: Oil prices fall by more than 2%

World World: Oil prices fell more than 2% on Monday, citing signs of progress in talks between the U.S. and Iran and economic challenges that could impact fuel demand. Brent crude futures fell $1.51 (2.2%) to $66.45 a barrel, while U.S. West Texas Intermediate crude fell $1.57 (2.4%) to $63.11 a barrel.

The U.S. and Iran have agreed in talks to outline a potential nuclear deal, raising hopes that Iranian crude supplies will not drain the market.

However, investors remain cautious over tariffs and rising supply from OPEC+ weighing on global growth. Oil prices remain under pressure over concerns of a slowdown in the U.S. economy.