Washington: Oil prices declined and global stock markets rose on Monday as investors reacted positively to signs of easing tensions between the United States and Iran.
Brent crude futures fell by 1.6% to $69.31 a barrel, while US West Texas Intermediate crude dropped 1.7% to $66.15 per barrel.
The decline in oil prices came after a sharp rise last week, when fears of a wider conflict in the Middle East increased following exchanges of strikes between the US and Iran.
World shares gained after investors welcomed developments suggesting that diplomatic efforts could help reduce tensions between Washington and Tehran.
European markets opened higher, with investors closely watching the situation in the Middle East and its potential impact on energy supplies and global economic growth.
The easing concerns over a possible disruption to oil flows provided relief to markets, as investors had earlier feared that a prolonged conflict could affect crude supplies and push prices higher.
Market sentiment improved as traders assessed the possibility of a reduction in hostilities between the two countries, leading to gains in equities and a fall in oil prices.
