![\"Vice](\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/06\/a88abe347e3e8cf0d59cb6208a6f33cb.jpeg\")
Vice President JD Vance is leading the US negotiating team at the talks with Iran in Switzerland (Nathan Howard) \u00b7 Nathan Howard\/POOL\/AFP <\/p>\n Vice President JD Vance is leading the US negotiating team at the talks with Iran in Switzerland (Nathan Howard) \u00b7 Nathan Howard\/POOL\/AFP <\/p>\n
Oil prices fell Monday on optimism over talks by the US and Iran after mediators flagged a “roadmap” to a final agreement, while major stock markets traded mixed.<\/p>\n
The British pound and the London stock market firmed, and the UK’s benchmark 10-year bond dipped, after Britain’s embattled Prime Minister Keir Starmer announced his widely expected resignation, with the country appearing set for an orderly transition to a new leader.<\/p>\n
Internationally, the main focus remained firmly on the Middle East and the prospects for a reopening of the Strait of Hormuz to tanker and cargo traffic.<\/p>\n
Iran’s senior envoys left talks in Switzerland on Monday after a marathon negotiating session with the United States, state media reported, as mediators claimed progress towards a definitive US-Iran deal end the war in the Gulf.<\/p>\n
“The latest developments out of the Middle East have turned more constructive,” said Deutsche Bank analyst Jim Reid, adding that a pickup in oil flows through the Strait of Hormuz was “helping to calm markets”.<\/p>\n
Switzerland said conditions were set for further US-Iran talks that aim to secure a long-term settlement within 60 days.<\/p>\n
Last week, Tehran and Washington signed a memorandum of understanding laying the groundwork for the negotiations, after a 40-day war that was followed by weeks of an inconclusive and oft-breached ceasefire.<\/p>\n
The negotiators aim to tackle some of the most intractable issues that have dogged US-Iranian relations for decades, including Tehran’s nuclear programme and enriched uranium.<\/p>\n
– UK shakeup –<\/p>\n
In Britain, Starmer’s departure could mean a change of finance minister and increased public spending, a prospect that has alarmed investors concerned about the country’s debt levels.<\/p>\n
Rachel Reeves has been finance minister since Labour returned to power nearly two years ago, having overseen some controversial choices regarding state spending and taxes that contributed to Starmer’s demise.<\/p>\n
Veteran Labour politician Andy Burnham, who secured a return to parliament just last week, appeared poised to succeed Starmer after a would-be rival, Wes Streeting, offered him his support.<\/p>\n
Starmer will remain prime minister until late this year when labour elects a new leader, who would become the country’s seventh prime minister in a decade.<\/p>\n
“The pound has taken the news in stride, although Burnham’s preference for fiscal expansion, higher taxes and greater gilt issuance is a concern,” said Enrique Diaz-Alvarez, chief economist\u00a0at the financial services firm Ebury.<\/p>\n
“The critical question is who becomes chancellor” of the exchequer.,” he said.<\/p>\n
“Continuity with Reeves would be the market’s preferred outcome, but any indication that a new chancellor intends to loosen or abandon the existing fiscal rules could trigger fresh selling in UK assets.”<\/p>\n
– Key figures around 1100 GMT –<\/p>\n
Brent North Sea Crude: DOWN 1.6 percent at $79.28 a barrel<\/p>\n
West Texas Intermediate: DOWN 0.7 percent at $75.35 a barrel<\/p>\n
London – FTSE 100: UP 0.2 percent at 10,386.20 points<\/p>\n
Paris – CAC 40: DOWN 0.7 percent at 8,358.87<\/p>\n
Frankfurt – DAX: DOWN 0.3 percent at 24,918.67<\/p>\n
Tokyo – Nikkei 225: UP 1.6 percent at 72,353.96 (close)<\/p>\n
Hong Kong – Hang Seng Index: DOWN 0.7 percent at 23,768.52 (close)<\/p>\n
Shanghai – Composite: UP 1.8 percent at 4,163.10 (close)<\/p>\n
Seoul – Kospi: UP 0.7 percent at 9,114.55 (close)<\/p>\n
Pound\/dollar: UP at $1.3240 from $1.3218<\/p>\n
Euro\/dollar: DOWN at $1.1461 from $1.1464 on Friday<\/p>\n
Dollar\/yen: UP at 161.72 yen from 161.27 yen<\/p>\n
Euro\/pound: DOWN\u00a0at 86.55 pence from 86.73 pence<\/p>\n
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