Global crude oil prices are hovering near levels last seen before the West Asia conflict erupted in late February, as traffic through the Strait of Hormuz has improved amid progress in US-Iran talks. A spokesperson for Qatar’s Foreign Ministry said in a social media post that the talks made positive progress on matters related to the memorandum that halted the war in June.
During the week at the Intercontinental Exchange (ICE), Brent crude September futures dropped nearly 0.7 per cent to settle at 72 US dollars and 12 cents per barrel, while West Texas Intermediate August futures declined 0.6 per cent to end at 68 US dollars and 82 cents per barrel.
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