World oil prices fell on Tuesday as investors await the outcome of possible talks between the US and Iran in Doha to resolve the conflict. Reuters reports, writes UNN.
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As of 00:38 GMT, August Brent crude futures, which expire on Tuesday, fell by 1.03%, or 75 cents, to $72.40 per barrel. The most actively traded September Brent contract fell by 0.54% to $73.51 per barrel. US West Texas Intermediate (WTI) crude lost 0.66% and traded at $70.32 per barrel.
According to Tim Waterer, chief market analyst at KCM Trade, the market is cautiously reacting to the prospect of a diplomatic settlement.
Investors are assessing prices in hopes of a positive outcome from the talks in Doha, although a real normalization of flows through the Strait of Hormuz is not yet visible
Reuters also notes that Iran's Deputy Foreign Minister Kazem Gharibabadi announced the start of talks in the coming days between Iranian and Omani experts on revising transit routes through the Strait of Hormuz. According to him, Iran intends to prevent the passage of vessels outside designated routes.
The US and Iran have agreed to an immediate cessation of mutual attacks - media29.06.26, 07:31