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Oil drops amid US-Iran talks and OPEC+ output hopes
Oil prices declined by about 1% during Thursday's trading, amid ongoing concerns over a potential increase in OPEC+ production and progress in indirect talks between the United States and Iran regarding the Strait of Hormuz, a major passage for global oil supplies. Brent crude dropped to around $70.80 per barrel, while West Texas Intermediate fell to $67.74, despite both hitting four-month lows. This indicates continued geopolitical tensions and fears of ample supplies following reports suggesting that the coalition is likely to approve an increase in production starting from August.
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