Oil drops third day as Doha talks progress

Brent crude oil price declined for the third consecutive session, reaching approximately $70.91 per barrel, amid reduced concerns over supply disruptions following progress in Qatar-US talks regarding the Strait of Hormuz. The resumption of oil flows from the Gulf increased supply and eased price pressures, with West Texas Intermediate (WTI) reaching its lowest level since February. Financial institutions like UBS forecast a decline in Brent prices due to expectations of an agreement between Iran and the United States, as well as increased oil exports through the Strait of Hormuz. Additionally, OPEC+ countries are expected to raise their production starting in August, which could push prices back toward $80 per barrel.

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