Brent Crude Slides Near $70 as US-Iran Talks Ease Supply Fears
Updated
Updated · The National · Jul 2
Brent Crude Slides Near $70 as US-Iran Talks Ease Supply Fears
3 articles · Updated · The National · Jul 2
Summary
Brent crude fell to nearly $70 a barrel on Thursday, returning to pre-US-Iran war levels for the first time since the conflict began.
Doha talks between Washington and Tehran, focused on frozen Iranian assets and the Strait of Hormuz, helped calm fears of a fresh supply disruption.
Hormuz traffic is improving through the waterway that carries about 20% of global energy exports, while Opec+ is expected to lift August quotas by about 188,000 barrels a day.
Lower oil prices could reduce the risk of an immediate inflation shock and lessen pressure for aggressive central bank rate hikes if current levels hold.