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2026-07-03T14:17:48.821Z

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Oil stabilizes amid US-Iran talks

Oil stabilizes amid US-Iran talks

Oil prices stabilized amid anticipation of the progress of the US-Iran peace talks, with slight declines of 8 cents for Brent crude and 22 cents for West Texas Intermediate. These movements come amid reports of some shipments resuming through the Strait of Hormuz and Gulf countries' efforts to increase production. Efforts to reach an agreement to ease tensions over the management of the Strait continue, despite ongoing disagreements. Additionally, Saudi and Kuwaiti oil exports increased, and market indicators shifted from concerns about supply shortages to signs of abundant supplies.

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