Global crude oil prices remained close to pre-West Asia conflict levels as progress in talks between the United States and Iran improved sentiment in the energy market. Improved traffic through the Strait of Hormuz, a key global oil shipping route, also supported the decline in prices.
A spokesperson for Qatar’s Foreign Ministry said in a social media post that the discussions had made positive progress on issues related to the memorandum that ended the conflict in June.
During the week on the Intercontinental Exchange (ICE), Brent crude September futures fell nearly 0.7 per cent to settle at US$72.12 per barrel, while West Texas Intermediate (WTI) August futures declined 0.6 per cent to US$68.82 per barrel.
