Texas oil falls 0.8% amid indirect US-Iran talks

Oil prices experienced a downturn as West Texas Intermediate (WTI) crude futures for August delivery decreased by 0.83%, settling at $68.92 per barrel. This dip occurred amid ongoing indirect negotiations between the United States and Iran, facilitated by Qatari mediators in Doha.

As of 9:00 AM local time (13:00 GMT), WTI contracts for August showed a loss of $0.58 from the previous closing price. The global oil market is keenly observing the developments in these U.S.-Iran discussions, with hopes that they might lead to an agreement to end the conflict in the Middle East.

Iranian Deputy Foreign Minister Kazem Garibabadi met with Qatari Prime Minister and Foreign Minister Mohamed bin Abdulrahman in Doha. Their discussions reportedly covered various aspects of an understanding signed with the U.S. and addressed "challenges and obstacles," according to Iran's official IRNA agency. Following this meeting, another session involving Pakistan, also acting as a mediator, took place.

On the U.S. side, White House special envoys Steve Witkoff and Jared Kushner traveled to Doha to engage with the Qatari mediators. The Qatari Foreign Ministry stated that the Prime Minister discussed "the evolution of the talks, and efforts aimed at promoting security and stability in the region through dialogue and diplomacy" with the Trump administration's envoys.

Sources close to Al Jazeera indicated that three working groups have been established: one focused on Iran's denuclearization, another on financing, and a third on frozen Iranian funds held by the U.S. Representatives from Washington and Tehran are not expected to meet directly during this round of talks.