finance
Oil Prices Fall After Iran Declines Direct Talks With U.S. in Qatar
Brent crude futures traded 0.3 percent lower at $72.72 per barrel on Wednesday. West Texas Intermediate futures fell 0.5 percent to $69.17. The moves followed Iran's statement that it would not meet U.S. delegates for talks in Qatar.
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Oil prices declined on Wednesday after Iran said it would not meet with U.S. delegates for talks in Qatar. , cnbc.com reported. West Texas Intermediate futures for August delivery fell 0.5 percent to $69.17 per barrel.
Brent crude futures dropped roughly 21 percent in June, the largest monthly decline since March 2020. West Texas Intermediate futures dropped more than 20 percent in June, the worst monthly performance since late 2021. Iranian officials stated that Tehran and Washington still needed to work out the terms of the interim peace deal signed last month before tackling more difficult topics such as possible limits to its nuclear program.
On June 17 the United States and Iran struck a 14-point memorandum of understanding to pause fighting that had disrupted global oil flows through the Strait of Hormuz. President Donald Trump's son-in-law Jared Kushner and U.S. special envoy Steve Witkoff arrived in Doha on Tuesday.
A Qatari government spokesperson said the pair would meet mediators, not directly with Iranians. The Strait of Hormuz typically handles around 20 percent of the world's oil traffic. Tanker vessel movements in the strait still appear limited, according to ING strategists Warren Patterson and Ewa Manthey in a research note published Wednesday.
They noted a slight pickup in inbound tanker traffic in the Persian Gulf. "If this trend accelerates, it becomes a clear headwind—and potentially a direct challenge—to our view that oil prices should rise from current levels," they added.
