Oil prices fell more than 1% at Monday's open in Asia after nuclear talks between the United States and Iran progressed, easing supply concerns.

The United States and Iran are due to hold their second round of nuclear talks on Saturday, as what both sides are looking for in a deal begins to take shape.

That the talks are even happening represents a historic moment, given the decades of enmity between the two countries since the 1979 Islamic Revolution and the U.S. Embassy hostage crisis.