Brent Falls 1.4% to $70.60 as Qatar Reports Progress in U.S.-Iran Talks
Updated
Updated · CNBC · Jul 2
Brent Falls 1.4% to $70.60 as Qatar Reports Progress in U.S.-Iran Talks
3 articles · Updated · CNBC · Jul 2
Summary
Brent crude slipped 1.4% to $70.60 a barrel on Thursday, while WTI fell 1.5% to $67.55, extending a three-session slide after Qatar said U.S.-Iran talks made "positive progress."
Doha mediators said Wednesday's indirect meetings advanced issues tied to a memorandum of understanding, echoing Donald Trump's comment that negotiations were going well.
The easing tone has led investors to price in lower risks to Middle East supply after weekend clashes in which Iran hit two commercial vessels and the U.S. retaliated with strikes inside Iran.
That shift is also showing up in shipping: tanker traffic through the Strait of Hormuz is gradually recovering, with inbound movements picking up as shipowners regain confidence.
Brent is now headed for a fourth straight weekly loss and its worst quarter since early 2020 as traders bet Persian Gulf supplies will normalize.