Brent crude extends intraday decline to 3.0%, trading at $77.71/bbl.

U.S. Vice President Vance, speaking in Switzerland, said negotiations with Iran are progressing smoothly with significant positive steps and that technical talks will continue over the coming days and weeks. He said Iran has agreed to invite IAEA inspectors to return; inspectors could begin work this week, possibly today. Vance said President Trump would respond if Iran issues falsehoods. Vance also said a Lebanon conflict de‑escalation mechanism has been established to curb hostilities — including hopes Hezbollah will stop firing into Israel — while respecting Lebanese sovereignty and coordinating appropriately. He added a mechanism to keep the Strait of Hormuz open is in place and that the waterway is currently open, and said these steps aim to help secure a regional ceasefire and lay groundwork for a final agreement.

UK Prime Minister Starmer said he will require the Labour Party to set out a timetable.