09:21 AM EDT, 07/08/2024 (MT Newswires) -- Oil prices eased early on Monday, falling for a second day on lower geopolitical risk as Iran elected a more moderate president amid ceasefire talks between Israel and Hamas, while Hurricane Beryl made landfall in Texas, closing export facilities.

West Texas Intermediate crude for August delivery was last seen down US$0.52 to US$82.64 per barrel, while September Brent crude, the global benchmark, was down US$0.41 to US$86.13

Iran elected reformist Masoud Pezeshkian as its president, who looks to improve the country's relationship with the West and bring an end to sanctions, though he is expected to face opposition from the military and religious authorities.

As well, ceasefire talks to end the nine-month war between Israel and the Hamas militant group, moderated by Egypt and Qatar, are continuing.

Hurricane Beryl made landfall on Texas' southern coast at Category 1 strength with heavy rain and 75 mile per hour winds, shuttering some oil-export facilities near Houston.

"The pre-weekend profit-taking in oil ... continues this morning on the prospect of the resumption of ceasefire talks between Israel and Hamas and the closure of Texan ports because of Hurricane Beryl," PVM Oil Associates noted.