Crude oil prices declined for a third consecutive session as indirect negotiations between the US and Iran showed signs of progress, according to livemint.com. Brent crude for September delivery traded near $71 a barrel, down more than 3% over the previous two sessions, while West Texas Intermediate hovered around $68 a barrel.
The decline in oil prices coincided with an increase in crude shipments through the Strait of Hormuz, a key oil transit chokepoint. The ongoing indirect talks between the US and Iran have contributed to easing tensions in the region, which had previously threatened supply disruptions. These developments have led to a more stable outlook for crude oil markets, influencing prices downward.
The drop in crude prices comes amid concerns over geopolitical risks in the Middle East, where the US-Iran conflict has historically impacted global energy markets. Brent crude near $70 per barrel marks a significant shift from earlier volatility, affecting energy-importing countries like India. The price movement also reflects broader market dynamics, including supply adjustments and demand expectations.
On Thursday, West Texas Intermediate crude oil prices remained steady around $68 a barrel, as reported by livemint.com. The market will closely monitor the outcomes of the US-Iran talks and crude shipment levels through the Strait of Hormuz for further price direction.