Oil Prices Decline for Third Day Following Progress in Talks

Oil prices continued their decline for the third consecutive day, dropping by approximately one percent on Thursday after Qatar announced that Iran and the United States had made progress in indirect negotiations centered on the Strait of Hormuz, a passage that accounted for one-fifth of the world's oil supplies before the war.

A spokesperson for the Qatari Foreign Ministry stated on X that the talks had resulted in "positive progress" concerning issues related to the memorandum of understanding signed in Islamabad in June.

Despite this development, there were no signs that the two sides had advanced toward a lasting peace agreement.

Brent crude futures fell by 77 cents, or 1.1 percent, to $70.80 per barrel, while U.S. West Texas Intermediate crude declined by 84 cents, or 1.2 percent, to $67.74 per barrel.