finance
Brent crude drops below $71 a barrel
Brent crude futures for August delivery reached $70.82 per barrel, the lowest level since February 27. The decline followed statements from Qatar and oil analysts about indirect talks between U.S. and Iranian officials.
Jul 2, 1:17 AM·1m read1 source
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Brent crude futures for August delivery stood at $70.82 per barrel as of 04:30 GMT on Thursday, down more than 1 percent and below the level recorded on February 27, the day before the U.S.-Israel conflict with Iran began. The international benchmark is now more than 38 percent below its post-war peak of over $126 a barrel reached on April 30.
The drop followed comments from Qatar that U.S. and Iranian officials had made positive progress in indirect talks aimed at resolving issues in a memorandum of understanding on ending the conflict.
safety concerns At least 40 vessels transited the Strait of Hormuz on Tuesday, according to MarineTraffic data, up from 27 crossings on Monday and 22 on Sunday. Pre-war daily crossings averaged roughly 130. At least 49 attacks on commercial vessels have been recorded in the strait since the start of the conflict, most claimed by Iran or blamed on its forces.
Iran agreed in the June 17 memorandum to make its best efforts to arrange safe passage, though it has since asserted sole control over movement through the waterway.
