Oil prices near pre-Iran war levels

Oil prices declined today, Thursday, after Qatar announced progress by Iran and the United States in their indirect talks over the Strait of Hormuz, which used to pass through 20% of global oil supplies before the war. Futures for Brent crude fell to $70.84 per barrel, while West Texas Intermediate dropped to $67.75, approaching pre-war levels. Negotiations continue regarding navigation freedoms and the imposition of transit fees on ships. Oil supplies are expected to increase following the OPEC+ producers' agreement to boost production in August.

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