Oil drops third day after US-Iran talks

Oil prices fell by $1.24 for Brent crude and $1.38 for U.S. West Texas Intermediate, marking their lowest levels since late February. This decline came after progress in negotiations between Iran and the United States regarding the Strait of Hormuz. A Qatari report indicated positive developments, although there are no signs of a permanent agreement. At the same time, U.S. oil inventories dropped to their lowest levels since 2018 due to increased domestic demand. Financial institutions expect oil prices to decrease temporarily before gradually rising again.

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