NYMEX July light sweet crude futures fell $1.78 to $74.82/bbl, down 2.32% at the close; ICE August Brent crude futures fell $2.67 to $77.90/bbl, down 3.31%.

Switzerland's foreign ministry said on June 22 it welcomed "constructive progress" in U.S.-Iran talks and is ready to support follow-up steps. It noted a joint statement by mediators Qatar and Pakistan and welcomed the "constructive progress" from intensive diplomatic talks on June 21-22 at Bürgenstock. The ministry said establishing a high-level committee under a memorandum of understanding is a "positive step" that will help plan the next political and technical phase, and that agreement on a roadmap to reach a final deal within 60 days creates conditions to begin technical-level discussions immediately. Switzerland said it will continue its mediation role and stands ready to assist.

MSCI Asia Pacific index fell more than 1%.