Oil Prices Decline for Third Consecutive Day Amid Progress in US-Iran Talks

Brief By Reuters / 1:57 PM on 02 Jul 2026

Global crude oil prices fell for a third straight session after reports of progress in indirect US-Iran talks over the Strait of Hormuz eased supply concerns. Brent crude dropped 1.1% to $70.80 per barrel, while US West Texas Intermediate declined 1.2% to $67.74. Markets reacted positively to expectations of reduced geopolitical tensions.