Crude oil futures contracts fell about $1 at midday Thursday, weighed down by pre-holiday selling ahead of the long U.S. Independence Day weekend. The declines come amid ongoing peace talks between Washington and Iran in a bid to restart critical Middle East oil flows through the Strait of Hormuz.

Brent crude futures dropped around 1% to $72.50 a barrel while US West Texas Intermediate (WTI) crude futures fell around 0.7% to $70.28 per barrel, as seen at 7.20 am on…

Crude contracts fell slightly around midday Wednesday, as Iran and U.S. continued to pursue a peace agreement to fully reopen the Strait of Hormuz, with Persian Gulf oil flows…