Brent and WTI crude futures decline as markets weigh progress in Iran-US negotiations and upcoming US stockpile reports.
Oil prices fell on Wednesday as investors monitored ongoing talks between Iran and the US aimed at resolving shipping disruptions in the Strait of Hormuz. Brent crude dropped 62 cents, or 0.9%, to $72.33 a barrel, while US West Texas Intermediate (WTI) declined 38 cents, or 0.6%, to $69.12, its lowest level since late February.
The declines follow a sharp quarterly drop, with Brent falling $45 a barrel in Q2, its largest loss since the 2008 financial crisis. WTI posted a $31 decline, the steepest since 2020. The pullback comes after March’s rally, driven by Middle East tensions, reversed amid progress toward a ceasefire.
Market sentiment remains cautious as traders await US inventory data, which could signal demand trends. Analysts note that hard data, such as stock draws or further geopolitical developments, may shift the current bearish bias.