Oil prices rose as talks to end the war between Iran and the US failed
Oil prices rose as Iran-US talks failed and supply concerns increased, bringing renewed concerns about supply disruptions in the critical production region of the Middle East.
Brent futures rose 33 cents, or 0.45%, to $73.28 a barrel at 03:39 GMT, while WTI rose 34 cents, or 0.49%, to $69.84 a barrel.
Efforts to reopen the Strait of Hormuz continue, but this is erratic, unpredictable, and lacking transparency. Unless there is a new agreement between Washington and Tehran, the market may wait and observe for a sustainable peace before crude oil returns to its downward momentum.
A delegation including Trump’s son-in-law, Jared Kushner, and envoy Steve Witkoff arrived in Doha on Tuesday for talks the White House described as “high-level,” but Iran and host Qatar said they would be meeting with intermediaries, not Iranians.
Qatar stated that Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani was among those meeting with Witkoff and Kushner.
Brent crude oil fell by about $45 a barrel between the first and second quarters of this year, the largest quarterly loss since the 2008 financial crisis. Meanwhile, US crude futures fell by about $31, the largest quarterly loss since 2020, when the COVID-19 pandemic crippled global oil demand.
The declines followed a temporary ceasefire and reversed sharp gains previously triggered by the conflict.
Meanwhile, the reopening of the Strait of Hormuz under the agreement has eased concerns about prolonged supply disruptions.
The US says it will prevent Iran from collecting transit fees through the Straits.
Tanker traffic through the critically important waterway has begun to recover, and US officials claim that oil flow through the Strait has returned to pre-war levels.
Meanwhile, according to market sources, US crude oil inventories fell again last week; gasoline inventories also decreased. According to data from the American Petroleum Institute (API), crude oil inventories fell by 6.1 million barrels in the week ending June 26.
Official US oil inventory data from the Energy Information Administration (EIA) will be released on Wednesday at
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