Oil prices fell more than 1% to a four-month low on Thursday as concerns over supply disruptions eased after mediator Qatar said Iran and the U.S. made progress in talks over ending
Oil prices fell more than 1% to a four-month low on Thursday as concerns over supply disruptions eased after mediator Qatar said Iran and the U.S. made progress in talks over ending the four-month war that shut the key shipping through the Strait of Hormuz.
Brent futures were $1.03, or 1.44%, lower, at $70.54 a barrel at 10:54 a.m. CDT (1554 GMT). U.S. West Texas Intermediate crude fell 92 cents, or 1.34%, to $67.66 a barrel. During the session, both benchmarks hit their lowest levels since before the U.S.-Israeli war on Iran began in late February.
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. There was no sign yet that the sides made headway towards a lasting peace.
The next meeting between Iran and U.S. negotiators will take place after July 9 funeral processions for Iran's late Supreme Leader Ayatollah Ali Khamenei, the Qatar ministry added.
"Oil has been flowing out of the Strait of Hormuz, while at the same time we're also pouring oil out of strategic reserves. And on top of that, crude oil buying from China and
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