Texas oil falls to $67.56 amid US-Iran talks progress

Texas Intermediate (WTI) crude oil prices experienced a decline, falling 1.49% to $67.56 per barrel on Thursday. This drop is attributed to positive developments in indirect negotiations between the United States and Iran, mediated by Qatar and Pakistan in Doha.

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The parties agreed to continue discussions during the next period, with the next meeting scheduled as early as possible once the funeral processions for the former supreme leader of Iran conclude.

As of 9:00 AM local time (13:00 GMT), WTI futures for August delivery were down $1.02 from the previous closing price. Investors responded optimistically to the latest round of talks, even though the U.S. and Iranian delegations did not engage in direct meetings. Qatar's Foreign Ministry spokesperson, Majed Al Ansari, reported "positive progress" on issues related to a memorandum of understanding signed on June 17.

Both parties have agreed to continue discussions, with the next meeting expected as soon as possible following funeral ceremonies for Iran's former supreme leader. The Islamic Republic is scheduled to hold ceremonies for Ayatollah Ali Khamenei, who was killed in a joint U.S.-Israel operation on February 28, from July 4 to July 9. This event triggered the ongoing conflict.

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ships that do not navigate the routes that Tehran has established in the Strait of Hormuz will receive an immediate and forceful response.

Despite the seemingly constructive tone of the talks, the Iranian military issued a warning on Thursday. They stated that vessels not adhering to Tehran's established routes in the Strait of Hormuz would face an "immediate and forceful response." Furthermore, any actions by the United States in the strait will be considered "a threat to Iran's national sovereignty and will be met with a swift and resolute response."

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any action by the United States in the strait will be considered a threat to Iran's national sovereignty and will be met with a swift and resolute response.