Oil headed for biggest quarter fall
Global oil prices are heading toward their biggest quarterly decline since the COVID-19 pandemic in 2020, as the flow of crude from the Gulf through the Strait of Hormuz resumes following progress in peace talks between the United States and Iran. Brent crude futures for September delivery have surpassed $73 per barrel, roughly a third below their level in the first quarter of the year. Meanwhile, U.S. West Texas Intermediate (WTI) oil prices have fallen to around $70, amid warnings of a market surplus resulting from the resumption of oil flows, after movement through the strait was previously affected by conflict and Iran's attacks on tankers.
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