A view of commercial cargo ships and crude oil tankers anchored in the Gulf of Oman, off the coast of Muscat, Oman, June 21, 2026, as they prepare to transit the critical Strait of Hormuz.
Shaded Alassar | Anadolu | Getty Images
Oil prices fell on Thursday as investors weighed signs of progress in indirect negotiations between the United States and Iran, easing concerns about possible disruptions to crude supplies in the Middle East.
International reference Brent Crude futures delivered in September fell 1.1% to $70.82 a barrel, paring earlier losses after touching their lowest level since February 27.
The contract is on pace for its third consecutive negative session as well as its fourth consecutive weekly loss for the first time in almost two years.
WE West Texas Intermediate Futures with August delivery were last seen down 1% at $67.88, on track for their fourth straight negative week for the first time since early March last year.
The moves come shortly after US President Donald Trump told reporters that negotiations with Iran in Qatar were “going well.”
“The denuclearization of Iran is progressing well,” Trump said. “They had some really good games and we’ll see.”
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Indirect negotiations between the United States and Iran began Tuesday in Doha, with U.S. special envoy Steve Witkoff and Jared Kushner speaking through Qatari mediators rather than meeting face-to-face with Iranian officials.
The new diplomatic push follows a surge in hostilities over the weekend that threatened a 60-day ceasefire between the two countries. Iran attacked two commercial ships, prompting US retaliation against targets in Iran.
Investors are increasingly pricing in the possibility that tensions could ease if negotiations continue to progress, reducing concerns about possible disruptions to Middle East oil supplies.
ING said the market remained optimistic about the normalization of oil supplies from the Persian Gulf despite recent military outbreaks, which partly explains why Brent saw its worst quarter since early 2020.
Maritime activity via the Strait of Hormuz also appears to be gradually recovering. ING estimates the total number of tanker crossings at around 11 on Tuesday, below last week’s peak of 24, but noted that inbound traffic has started to pick up, suggesting shipowners are increasingly confident about ships returning to the Persian Gulf.