WTI oil price remains subdued amid US-Iran talks
West Texas Intermediate oil price is trading around $69.70 per barrel.
The decline in crude oil prices is due to easing supply concerns amid potential peace talks between the US and Iran.
The reopening of the Strait of Hormuz has alleviated fears of prolonged supply disruptions, with Iran shipping over 40 million barrels of oil and Russian exports surging to record highs, creating a sharp buildup of barrels at sea.
US crude oil inventories fell, with a decline of 6.1 million barrels, slightly offsetting the downward pressure on oil prices.