Oil falls as US-Iran talks advance
Oil prices declined as negotiations between the US and Iran over the Strait of Hormuz advanced, with Qatar announcing that the indirect talks have made "positive progress." Brent crude oil traded at $70.84, while West Texas Intermediate reached $67.75, amid expectations that OPEC+ will increase production by 188,000 barrels per day starting in August. Additionally, US oil inventories dropped to their lowest level since 2018, amidst ongoing market competition and forecasts of increased supplies.
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