Oil prices fall as markets respond to progress in US-Iran talks Oil prices declined on Tuesday as financial markets reacted to signs of progress in negotiations between Washington and Tehran aimed at ending the US-Israeli war on Iran. Brent crude fell 2.8 percent to $78.29 a barrel, moving closer to the roughly $70 level seen before the war, while US benchmark crude dropped 2.3 percent to $74.14 a barrel. US Vice President JD Vance said talks held over the weekend had created a "good foundation for a successful final deal", helping ease concerns over potential disruptions to global energy supplies.