Crude oil prices extend decline for third session amid ongoing US-Iran talks; Brent crude near $70 per barrel

Crude oil prices fell for a third straight session, with Brent crude trading near $71/barrel and WTI around $68/barrel, as US-Iran indirect negotiations showed progress and oil shipments through the Strait of Hormuz climbed to over 10 million barrels per day. Iran reaffirmed its resolve to maintain control over the strait while insisting on nuclear programme and Lebanon conflict sticking points, with the next round of talks to be held in Qatar following funeral ceremonies. The decline follows oil's steepest quarterly drop since 2020, with UAE having restored exports to pre-conflict levels through alternative logistics.