Oil Steadies Near $70 as US-Iran Talks Ease Strait of Hormuz Fears
Updated
Updated · Bloomberg · Jun 30
Oil Steadies Near $70 as US-Iran Talks Ease Strait of Hormuz Fears
3 articles · Updated · Bloomberg · Jun 30
Summary
West Texas Intermediate held near $70 a barrel and Brent closed below $73 after oil stabilized following its biggest quarterly drop since the pandemic.
US-Iran peace talks in Doha underpinned the pause, with Qatar saying Jared Kushner and Steve Witkoff had arrived as both sides sought to calm tensions around the Strait of Hormuz.
Shipping through the chokepoint was also returning, easing immediate concern over disruption to the waterway that links Persian Gulf producers to global markets.
The steadier trade suggests crude is now tracking diplomatic progress and maritime traffic more closely after a three-month slide of almost one-third.