{"id":3482,"date":"2026-07-02T04:13:34","date_gmt":"2026-07-02T04:13:34","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=3482"},"modified":"2026-07-02T04:13:34","modified_gmt":"2026-07-02T04:13:34","slug":"oil-falls-for-a-third-straight-day-after-us-iran-talks-conclude-in-doha","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=3482","title":{"rendered":"Oil falls for a third straight day after US, Iran talks conclude in Doha"},"content":{"rendered":"<div>\n<div>SINGAPORE, July 2 (Reuters) &#8211; Oil prices dropped about 1% on Thursday, down for a third consecutive day, after Qatar said Iran and the \u200bU.S. had made progress in indirect talks focused on the Strait of \u200cHormuz, which handled one-fifth of global oil supply before the war.<\/div>\n<div>The discussions produced &#8220;positive progress&#8221; on issues related to the memorandum that halted the war in June, a Qatar Foreign Ministry spokesperson \u200bsaid in a post on X.<\/div>\n<div>There was, however, no sign that the \u200btwo sides had made headway towards a lasting peace.<\/div>\n<div>Brent futures lost \u206077 cents or 1.1% to $70.80 a barrel by 0256 GMT, while U.S. \u200bWest Texas Intermediate crude fell 84 cents or 1.2% to $67.74 a barrel.<\/div>\n<div>Both benchmarks also \u200bfell more than 1% in the previous session, hitting their lowest levels in four months.<\/div>\n<div>As the strait stays open and crude oil flows out, there are growing expectations of oversupply and \u200bcompetition for market share is pushing prices down, Haitong Futures said in a \u200bnote.<\/div>\n<div>OPEC+ oil-producing countries will likely agree to a further hike in their output targets from August when \u200cthey \u2060meet on Sunday, sources said on Wednesday.<\/div>\n<div>UBS on Thursday cut its Brent forecasts citing the U.S.-Iran memorandum of understanding and the subsequent increase in oil shipping through the Strait of Hormuz.<\/div>\n<div>It cut its average Brent price forecast for the September quarter \u200bby $25 and for \u200bthe December quarter \u2060by $10. The bank now expects the benchmark to average $80 a barrel during the second half of the year and $75 in \u200b2027.<\/div>\n<div>&#8220;Despite this, we believe it is premature to assume a full \u200bnormalisation, &amp; \u2060see price risk skewed to the upside noting that inbound tankers to the Persian Gulf have lagged outbound tankers,&#8221; UBS said.<\/div>\n<div>The next meeting between Iran and U.S. negotiators will \u2060take \u200bplace after funeral processions for Iran&#8217;s late Supreme \u200bLeader Ayatollah Ali Khamenei on July 9, Qatar&#8217;s Foreign Ministry also said.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3480\">Oil prices fall 1% to 4-month lows as progress in US-Iran talks cools supply concerns<\/a><\/p>\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","protected":false},"excerpt":{"rendered":"<p>As the strait stays open and crude oil flows out, there are growing expectations of oversupply.<\/p>\n","protected":false},"author":1,"featured_media":3481,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21,86,29],"class_list":["post-3482","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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