Oil prices dipped following the conclusion of indirect US-Iran talks in Doha. Qatar reported positive progress on issues related to the Strait of Hormuz. Tanker traffic through the vital waterway is recovering toward pre-war levels.
US officials confirmed the return of tanker movements to normal volumes. The development comes amid expectations of higher output from OPEC+ members in the coming period.
A smaller-than-expected decline in US crude inventories has added to market views of potential oversupply. These factors together have contributed to downward pressure on prices for both Brent futures and US West Texas Intermediate crude.
The talks addressed navigation concerns in the Strait of Hormuz, a key route for global oil shipments. Market participants are monitoring further developments in supply dynamics.
