European stocks and US futures steadied while oil prices dipped on Monday after mediators said progress had been made in US-Iran peace talks, helping calm fears that the fragile process to end the war was breaking down.
Meanwhile, the pound and UK bonds rose after Prime Minister Keir Starmer announced his resignation, paving the way for Britain’s seventh leader in 10 years.
The apparent progress in discussions saw Brent crude futures shed early gains, easing 1.8% to $79.07 a barrel, far below its May peak of $126.41.
Europe’s STOXX 600 index wavered and was last up 0.15%, while U.S. S&P 500 futures pared early losses, trading 0.1% lower.
“There does appear to be further progress being made during talks in Switzerland towards a lasting settlement, and oil prices have dipped again,” Susannah Streeter, chief investment strategist at Wealth Club, said of the Iran talks.
“It is clear there is still a long way to go, and more obstacles may emerge before a long-term deal is signed.”
