economy
Brent Posts Biggest Monthly Decline Since March 2020 as Traders Monitor U.S.-Iran Talks
The moves come as oil traders monitor the prospect for U.S.-Iran talks in Doha on Tuesday.
TL;DR
- Brent crude futures for August delivery closed at $72.92 per barrel, a 21% decline in June.
- U.S. West Texas Intermediate futures for August delivery dropped to $69.50, a decline of over 20% in June.
- Oil prices are reacting to potential U.S.-Iran talks in Qatar.
- Both the U.S. and Iran have issued conflicting statements regarding scheduled talks.
- A memorandum of understanding to pause fighting was reached on June 17, impacting oil flows through the Strait of Hormuz.
- Energy analysts are surprised by the pace of the oil market sell-off.