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Oil prices dropped about one per cent 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 discussions produced “positive progress” on issues related to the memorandum that halted the war in June, a Qatar Foreign Ministry spokesperson said in a post on X.
There was, however, no sign that the two sides had made headway towards a lasting peace.
Brent futures lost 77 cents or 1.1pc to $70.80 a barrel by 0256 GMT, while US West Texas Intermediate crude fell 84 cents or 1.2pc to $67.74 a barrel.
