Oil Price Today (July 2): Crude oil at $70, falls for 2nd session as US-Iran talks progress. Worst over?

Crude oil prices fell for a second straight session, with Brent at $70.80 and WTI at $67.75 per barrel, as US-Iran negotiations showed progress. Tanker movement through the Strait of Hormuz is improving, with US Vice President JD Vance saying oil flows have returned to pre-war levels, though experts caution a full reopening will take time. Saudi Aramco CEO Amin Nasser warned that prolonged disruptions could delay global oil market stability until 2027, potentially affecting nearly 100 million barrels of supply weekly.