Oil prices record three-day decline as US, Iran end talks in Qatar

Oil prices dropped on Thursday, July 2, 2026, down for a third consecutive day, after Qatar said the United States and Iran had made progress in indirect talks focused on the Strait of ‌Hormuz.

The Qatar Foreign Ministry ​said in a statement that the discussions produced “positive progress” on issues related to the memorandum that halted the war in June.

There was, however, no sign that the ​two sides had made headway towards a lasting peace.

The ministry added that the next meeting between Iran and U.S. negotiators will ⁠take ​place after funeral processions for Iran’s late Supreme ​Leader Ayatollah Ali Khamenei on July 9.

Brent futures lost ⁠77 cents or 1.1% to $70.80 a barrel by 0256 GMT, while U.S. ​West Texas Intermediate crude fell 84 cents or 1.2% to $67.74 a barrel.

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Both benchmarks also ​fell more than 1% in the previous session, hitting their lowest levels in four months.

Haitong Futures said in a ​note that as the strait, which handled one-fifth of global oil supply before the Middle East war, stays open and crude oil flows out, there are growing expectations of oversupply and ​competition for market share is pushing prices down.

Sources also told Reuters on Wednesday that OPEC+ oil-producing countries will likely agree to a further hike in their output targets from August when ‌they ⁠meet on Sunday.