Oil prices extended their decline for a third consecutive session on Thursday as investors assessed the outcome of indirect talks between the United States and Iran in Doha and turned their attention to the upcoming OPEC+ meeting.
Brent crude fell to $70.91 a barrel, while US West Texas Intermediate dropped to $67.99, following losses of more than 1% in the previous trading session.
The negotiations in Qatar concluded without a permanent agreement, although officials described the discussions as constructive. Qatar’s Foreign Ministry said the talks made positive progress on issues linked to an earlier memorandum that helped ease tensions, with further negotiations expected after July 9.
The discussions focused on key issues including maritime security in the Strait of Hormuz and the possible release of frozen Iranian assets. While shipping through the strategic waterway has partially resumed under an interim arrangement, uncertainty over the region’s security continues to weigh on energy markets.
Traders are also closely watching Sunday’s OPEC+ meeting, where the producer alliance is expected to consider increasing oil production targets.
