Oil falls on reports of renewed US-Iran talks focused on amended version of Iran's seven-day proposal

Diplomatic efforts between the US and Iran could resume as early as Monday or Tuesday, with mediators expected to hold separate discussions with both sides, according to an official briefed on the negotiations. Iranian Foreign MinisterAraghchi and Qatari mediators are expected to remain in the US as the talks take place. The discussions are reportedly focused on an amended version of Iran's seven-day proposal to reopen the Strait of Hormuz, which Tehran presented on the sidelines of the UN General Assembly. The development comes after hopes for a diplomatic breakthrough were revived over the weekend, before being hit by Trump's rejection of Iran's initial proposal. The possibility of renewed talks gives markets once again a glimmer of hope. The focus will be whether the amended proposal can bridge the differences between Washington and Tehran. Any meaningful progress could ease concerns over prolonged disruption in the Middle East and put downward pressure on oil prices. Conversely, a failure to make progress would leave the market exposed to continued geopolitical and supply risks, keeping a bid under oil prices. This article was written by Giuseppe Dellamotta at investinglive.com.