Oil prices fell for a third consecutive day on Thursday as concerns over supply disruptions eased after Qatar said Iran and the US had made progress in talks over the Strait of Hormuz.
Brent futures were 66 cents or 0.92% lower at $70.91 a barrel at 07:58 GMT, while US West Texas Intermediate crude fell 59 cents or 0.86% to $67.99 a barrel, their lowest level since February 27.
The talks made “positive progress” on matters related to the memorandum that halted the war in June, a Qatar Foreign Ministry spokesperson said in a post on X, though there was no sign the two sides made headway towards a lasting peace.
“Recovering oil flows through the Strait continue to weigh on prices, driven by previously stranded tankers exiting the Gulf. This additional supply is a headwind for oil for now”, said UBS analyst Giovanni Staunovo.
The next meeting between Iran and US negotiators will take place after July 9 funeral processions for Iran’s late Supreme Leader Ayatollah Ali Khamenei, the Qatar ministry added.
Iran is determined to win international recognition of its control over the strait and its ability to levy fees on ships entering or leaving the Gulf even if it has to do so by force, two senior Iranian sources said. — Reuters
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