Global crude oil prices declined today. Brent crude was trading 0.2 per cent down at 71 US dollars and 68 cents per barrel. West Texas Intermediate crude was trading 0.4 per cent down at 68 US dollars and 41 cents per barrel, when reports last came in.
Brent futures for August delivery stood at $70.82 per barrel as of 04:30 GMT, lower than at any point since February 27, the day before the war began.
Following the latest drop, Brent prices are down more than 38 percent from their post-war peak of more than $126 a barrel on April 30.
The slide came after Qatar, a key mediator between Washington and Tehran, said that US and Iranian officials had made “positive progress” in indirect talks aimed at resolving issues related to their memorandum of understanding (MoU) on ending the war.
US President Donald Trump also cast a positive light on the talks on Wednesday, saying the “denuclearisation of Iran is moving along well”.