Pakistan, June 22 -- Global oil prices fell on Monday after diplomatic talks between the United States (US) and Iran concluded in Switzerland, easing fears of a potential supply disruption in international energy markets.

Brent crude dropped by $1.68, or 2.09%, to $78.89 per barrel, while US West Texas Intermediate (WTI) crude also declined ahead of the contract expiry. Prices had initially surged earlier in the session due to geopolitical uncertainty but reversed direction as negotiations progressed.

Market sentiment improved after reports that Iran had secured waivers for oil and petrochemical exports as part of discussions aimed at reducing tensions and stabilising regional trade flows. Analysts said the development eased concerns ov...