Oil prices on pace for fourth straight weekly loss as Trump sees progress in U.S.-Iran talks
Oil prices slide as tanker traffic through the Strait of Hormuz improves and analysts cut 2026 forecasts for the first time since the war began.
- On Thursday, Brent crude and U.S. West Texas Intermediate futures fell 1.6% to roughly $71.8 and $68.4 a barrel, retreating to pre-war price levels as supply concerns eased.
- Indirect negotiations between U.S. and Iranian officials in Doha yielded "positive progress" regarding the Strait of Hormuz and frozen assets, helping unwind war-driven price spikes.
- Maritime traffic through the Strait of Hormuz reached 40 daily vessel transits on Tuesday, while OPEC+ prepares to raise output quotas by about 188,000 barrels per day in August.
- Swiss bank UBS strategist Matthew Carter noted markets hope current price levels mitigate the "risk of both an immediate inflation shock and aggressive central bank rate hikes," as analysts trim 2026 forecasts.
- Negotiators plan to reconvene after July 9 following funeral processions for Iran's late Supreme Leader Ayatollah Ali Khamenei, though analysts caution premature normalization assumptions.
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Oil prices dropped about 1% on Thursday, down for a third consecutive day, after Qatar said Iran and the US had made progress in indirect talks focused on the Strait of Hormuz, which handled one-fifth of global oil supply before the war. The talks made "positive progress" on matters related to the memorandum that halted the war in June, a Qatar Foreign Ministry spokesperson said in a post on X, though there was no sign the two sides made hea…
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