Oil prices fell on Monday after the conclusion of US-Iran talks in Switzerland, in which Tehran said it had secured waivers for oil and petrochemical exports, easing concerns over potential supply disruptions in global energy markets.Brent crude futures were down $1.53, or 1.90 percent, at $79.04 a barrel. Prices had risen to $82.30 in early trading amid uncertainty over talks and renewed geopolitical tensions.US West Texas Intermediate (WTI) crude futures were trading down 7 cents at $76.53 a barrel ahead of contract expiration on Monday. The more active August contract fell 55 cents to $75.30 a barrel. There was no settlement in the US market on Friday due to public holiday.The decline came after the conclusion of high-level talks between US and Iranian officials in Switzerland. The first round of discussions ended on Monday after starting on Sunday under a memorandum of understanding signed last week to extend the fragile ceasefire for at least 60 days through April, mediators said.Iranian Foreign Minister Abbas Araqchi said Tehran had achieved important concessions during the talks.Market participants interpreted this development as a possible step towards increasing Iranian oil flows to international markets.“Some progress was made at high-level talks between the US and Iran in Switzerland over the weekend, with both sides agreeing to establish a high-level committee,” IG Markets analyst Tony Sycamore told Reuters.“However, whether these steps will yield meaningful results on the ground remains to be seen, particularly in southern Lebanon, where both Israel and Hezbollah are intent on continuing their conflict.”The talks took place against the backdrop of continuing regional tensions.Before the talks ended, shipping data showed a sharp decline in the number of ships passing through the Strait of Hormuz on Sunday after Iran announced it was again closing the waterway, citing alleged violations of an interim peace deal by Israel and the US.Meanwhile, violence continued elsewhere in the region. At least 20 people were killed in Israeli attacks on Saturday, a day after a ceasefire between Israel and Hezbollah took effect, Lebanon’s state news agency NNA reported.ING analysts cautioned that risks remain high despite diplomatic progress.Oil markets have nevertheless focused on the possibility of excess supply. Brent and WTI prices fell more than 8 percent last week amid hopes that stranded cargo inside the Gulf could be released and that US sanctions on Iranian oil exports could eventually be eased as part of a broader agreement.Hamid Bouvard, head of the National Iranian Oil Company, told state television on Sunday that more than 25 million barrels of Iranian oil had passed through the virtual blockade line since Monday.Regional producers have also responded to changing market conditions. The United Arab Emirates, Kuwait and Iraq offered additional oil volumes to customers last week.Iraq’s deputy oil minister for upstream affairs said on Sunday the country planned to gradually restore crude oil production to between 4.2 million and 4.3 million barrels per day.