Oil falls after US, Iran talks conclude in Doha

Brent crude fell 1.02 percent to $70.84 a barrel while US WTI dropped 1.21 percent to $67.75 after two-day US-Iran talks in Doha concluded, with negotiators discussing Strait of Hormuz traffic and unfreezing Iranian funds. OPEC+ is expected to agree on a further output hike of about 188,000 barrels per day for August when it meets on Sunday, adding to supply concerns. Meanwhile, US crude inventories fell 3.8 million barrels to 408.4 million, the lowest since September 2018, though the draw was smaller than analyst expectations.