(July 1): Oil steadied after the biggest quarterly drop since the pandemic as traders monitored peace talks between the US and Iran and the return of shipping through the Strait of Hormuz.
West Texas Intermediate traded near US$70 a barrel, after losing almost a third over the past three months, while Brent closed below US$73. Qatar said Jared Kushner and Steve Witkoff had arrived in Doha as part of ongoing peace negotiations between the US and Iran and as the countries try to calm tensions over the Strait of Hormuz.
Crude has fallen in recent days as the warring parties said they are continuing discussions to reach a more lasting agreement, although that’s been marred by recent attacks around Hormuz, the vital waterway connecting Persian Gulf producers to world markets. Oil tanker traffic is showing signs of recovery, and has picked up following strikes over the weekend.
Iran has reiterated its determination to control maritime traffic through the strait, a reminder that key sticking points — including over the country’s nuclear programme and Lebanon — remain in place.
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