Oil prices experienced a decline Monday following the conclusion of US-Iran talks in Switzerland, where Iran announced it had obtained waivers for oil and petrochemical exports. Brent crude fell over 2%, settling at $78.89 a barrel, reversing earlier gains fueled by escalating tensions before the negotiations. The talks, initiated under a 60-day ceasefire extension agreement, involved high-ranking officials from both countries. Iranian officials stated the waivers also include the release of frozen assets and a reconstruction plan. Analysts believe the potential return of 1.5 million barrels per day of Iranian crude to the global market could ease supply concerns. Prior to the agreement, shipping traffic through the Strait of Hormuz had decreased significantly after Iran announced its temporary closure, raising fears of disruption.