Oil drops before Iran talks
Oil prices declined today, Tuesday, as investors awaited the results of potential talks between Iran and Oman in Doha, amid ongoing tensions in the Strait of Hormuz this week. The price of August Brent crude fell by 1.03% to $72.40 per barrel, while U.S. West Texas Intermediate dropped by 0.66% to $70.32, despite continued oil and gas exports from the Middle East region. In diplomatic developments, Iran announced the start of negotiations with Oman to establish transit routes through the Strait of Hormuz, while Iranian officials indicated there is no intention to hold talks with the United States. This comes amid uncertainty surrounding a ceasefire agreement and its impact on global oil flows.
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