Oil Prices Fall to Four-Month Low Despite Lack of Breakthrough in U.S.-Iran Talks
Global oil prices fell to their lowest level in four months after the latest round of indirect U.S.-Iran talks in Doha concluded without a breakthrough, as investors remained optimistic that diplomatic efforts would help avoid major supply disruptions.
Brent crude dropped nearly 2% to around $70.66 per barrel, while U.S. West Texas Intermediate (WTI) fell to $67.54, with both benchmarks reaching their lowest levels since March.
Although negotiators failed to reach a permanent agreement, Qatari officials described the discussions as showing «positive progress.» Further talks are expected after July 9, following the funeral of Iran’s late Supreme Leader.
Market sentiment was also supported by the continued flow of oil through the Strait of Hormuz, the release of strategic oil reserves and signs of weaker demand from China. Meanwhile, expectations that OPEC+ could continue increasing production have added to downward pressure on prices.
Analysts say oil markets remain sensitive to geopolitical developments, with any renewed tensions in the Middle East capable of quickly reversing the recent decline in crude prices.
