Oil prices fell on optimism over US-Iran peace talks, with mediators flagging a “roadmap” to a final agreement, AFP reports.

Both main oil contracts fell in early trade, while most stock markets advanced.

“Following the positive response last week to reports of a US-Iran ceasefire, markets are likely to open with a cautious tone to start the new week as it remains clear that the situation in the Middle East remains fragile,” said National Australia Bank’s Skye Masters.