{"id":3480,"date":"2026-07-01T23:38:49","date_gmt":"2026-07-01T23:38:49","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=3480"},"modified":"2026-07-01T23:38:49","modified_gmt":"2026-07-01T23:38:49","slug":"oil-prices-fall-1-to-4-month-lows-as-progress-in-us-iran-talks-cools-supply-concerns","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=3480","title":{"rendered":"Oil prices fall 1% to 4-month lows as progress in US-Iran talks cools supply concerns"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>NEW YORK, July 1 (Reuters) &#8211; Oil prices fell more than 1% \u200bon Wednesday to their lowest levels since March as optimism over U.S.-Iran talks allayed supply concerns after U.S. President Donald \u200cTrump said talks in Qatar had gone well.<\/div>\n<div>Brent futures settled down $1.38, or 1.89%, to $71.57 a barrel, while U.S. West Texas Intermediate crude lost 92 cents, or 1.32%, at $68.58 a barrel. Both benchmarks closed at their lowest levels in four months.<\/div>\n<div>&#8220;The negotiations that are currently taking place in Qatar are \u200bperceived as being positive (and) that has allowed prices to drift further,&#8221; Saxo Bank analyst Ole Hansen said. &#8220;There is a \u200bchance that we could see even lower prices.&#8221;<\/div>\n<div>Trump said on Wednesday the U.S. was getting along \u2060very well with Iran and that recent meetings in Qatar went well.<\/div>\n<div>The U.S. and Iran held technical talks in Doha as they seek \u200bto agree on the flow of shipping through the Strait of Hormuz and secure a lasting ceasefire, a source with direct knowledge \u200bof the talks and an Iranian official said. The U.S. and Iran have sparred publicly over the meaning of the interim pact, exchanging military strikes over the past week.<\/div>\n<div>&#8220;There&#8217;s more optimism as more oil goes through the Strait of Hormuz,&#8221; said Phil Flynn, senior analyst for Price Futures Group. &#8220;The market \u200bis signalling that once we get past this, the gloves are going to come off and we&#8217;re going to probably produce \u200bmore oil in the world than we ever have.&#8221;<\/div>\n<div>Tanker traffic through the strait has started to recover, with U.S. Vice President JD Vance saying \u200coil \u2060flows through the waterway had returned to pre-war levels, without citing figures.<\/div>\n<h2>OIL PRICE FORECASTS CUT<\/h2>\n<div>In the U.S., crude inventories fell by 3.8 million barrels to 408.4 million barrels last week, the lowest level since September 2018, as domestic refinery demand rose ahead of the July 4 holiday weekend, the Energy Information Administration said on Wednesday. The draw, however, was smaller than analysts&#8217; expectations in a Reuters poll \u200bfor a drop of 4.5 \u200bmillion barrels.<\/div>\n<div>Following five straight monthly \u2060increases, analysts have cut their 2026 oil price forecasts for the first time since the Iran war began, as the reopening of the Strait of Hormuz eased concerns over prolonged supply disruptions, a \u200bReuters poll showed.<\/div>\n<div>Brent fell by around $45 a barrel in the second quarter of this year, its \u200blargest quarterly drop \u2060since the global financial crisis in 2008. U.S. crude futures, meanwhile, fell by around $31 a barrel, their largest quarterly decline since 2020, when the COVID-19 pandemic crushed global oil demand.<\/div>\n<div>The declines followed progress towards ending the Middle East conflict, after sharp gains in March triggered \u2060by the \u200bU.S.-Israeli attack on Iran.<\/div>\n<div>Meanwhile, OPEC+ oil-producing countries will likely agree on a further hike \u200bin their output targets from August when they meet on Sunday, three sources said on Wednesday.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3478\">Over 900 arrested during South African anti-migrant protests<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3473\">SoftBank renews talks for $10 billion loan against OpenAI stake, adds concessions, sources say<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3471\">Iran warns of immediate response to any threat, cites US commitment to restrain Israel<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices fell more than 1% \u200bon Wednesday to their lowest levels since March as optimism over U.S.-Iran talks allayed supply concerns after U.S. President Donald \u200cTrump said talks in Qatar had gone well.<\/p>\n","protected":false},"author":1,"featured_media":3479,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21,86,29],"class_list":["post-3480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-energy","tag-storage","tag-transport-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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