Oil prices fall to near pre-war levels on Iran talks
- Oil prices fell for a fourth straight session as US–Iran diplomatic talks showed progress.
- Brent crude dropped 0.8% to below $71 per barrel, while WTI fell 1.1% below $68.
- Markets reacted to easing conflict risks around the Strait of Hormuz, a key global oil route.
Oil prices declined on Thursday for a fourth consecutive day after reports of progress in US–Iran diplomatic talks, which included discussions linked to reopening and securing the Strait of Hormuz.
Brent crude fell 0.8% to trade below $71 per barrel, while West Texas Intermediate dropped about 1.1% to below $68 per barrel.
The latest move follows earlier volatility after military tensions in the region disrupted sentiment around one of the world’s most important oil shipping corridors.
A Qatar foreign ministry statement said “positive progress” was made in talks between US and Iranian negotiators in Doha.
JPMorgan’s head of commodities research Natasha Kaneva said oil prices had returned close to pre-war levels despite more than 100 days of conflict affecting global supply expectations.
The Strait of Hormuz remains a key chokepoint for global crude shipments, and Iran has maintained that it retains control over the waterway despite international navigation rules.
Iranian military officials warned that any US intervention in the region would face a “decisive and swift response,” according to statements reported by semi-official Iranian media.
