Brent Settles at $71.80 as Qatar Reports Progress in US-Iran Talks
Updated
Updated · CNBC · Jul 2
Brent Settles at $71.80 as Qatar Reports Progress in US-Iran Talks
3 articles · Updated · CNBC · Jul 2
Summary
$71.80 Brent and $68.69 WTI settled only slightly higher Thursday after Qatar said U.S.-Iran indirect talks in Doha made “positive progress,” leaving oil broadly steady.
Qatari and Pakistani mediators wrapped separate meetings with U.S. and Iranian negotiators on Wednesday, and President Donald Trump said earlier that the talks were going well.
The diplomacy follows a weekend flare-up that threatened a 60-day ceasefire, when Iran attacked two commercial vessels and the United States retaliated with strikes inside Iran.
Investors are increasingly betting tensions may ease, reducing fears of Middle East supply disruptions; ING said that optimism helps explain Brent’s worst quarter since early 2020.
Shipping through the Strait of Hormuz is also recovering gradually, with tanker crossings at about 11 on Tuesday and inbound traffic picking up as shipowners regain confidence.