Oil falls nearly 4% on positive signals from us-iran talks: Oil prices fell about 4 percent on Monday after US Vice President J.D. Vance said progress had been made in talks with Iran and that the Strait of Hormuz remained open.

According to Qatar News Agency, Brent crude futures dropped $3.18, or 3.95 percent, to $77.39 a barrel. The decline in oil prices was influenced by the ongoing discussions between the United States and Iran, with significant progress reportedly being made.

US West Texas Intermediate crude futures experienced a fall of $2.15 to $74.45 a barrel ahead of the contract's expiration later in the day. The more actively traded August contract saw a decline of $2.49, or 3.28 percent, settling at $73.36 a barrel.