Brent oil slips to $70 as market keeps watch on US-Iran talks | The National

The price of crude has been largely stable – and declining steadily – despite last week's flare-up between the US and Iran. ReutersThe price of crude has been largely stable – and declining steadily – despite last week's flare-up between the US and Iran. ReutersSupply worries have further been eased as traffic volume in Strait of Hormuz continues to increase

Brent crude slid to nearly $70 a barrel on Thursday, returning to pre-US-Iran war levels for the first time since the conflict began.

Indirect technical talks between Washington and Tehran commenced in Doha, with frozen Iranian assets and the Strait of Hormuz among the central issues.

Traffic through the strait, a key chokepoint for about a fifth of the world's energy exports, continues to improve, further easing supply concerns.

Opec+ is expected to raise output quotas by approximately 188,000 barrels per day in August, marking a fifth consecutive month of production increases.