Oil prices dropped in early trade after Qatar said Iran and the US had made “positive progress” in indirect talks that concluded, focused on the Strait of Hormuz, which handled one-fifth of global oil supply before the war, Reuters reports.
Brent futures were down 73 cents, or 1.02 per cent, to $70.84 a barrel by 0102 GMT, while US West Texas Intermediate crude fell 83 cents, or 1.21pc, to $67.75 a barrel.
In the previous session, both benchmarks fell more than 1pc to their lowest levels in four months.
Sources said negotiators for the U.S. and Iran spent two days in Doha discussing maritime traffic in the Strait of Hormuz and unfreezing Iran’s funds.
