Oil Markets Await Potential Doha Talks Between United States and Iran

Oil prices fell Tuesday, as investors awaited potential US-Iran talks in Doha. Futures for US crude "West Texas Intermediate" for August delivery dropped 1.14% to $69.94 per barrel. Brent crude contracts for the same month also fell 1.30% to $72.20 per barrel by 09:27 Moscow time. Tim Wattrer, Senior Market Analyst at KCM Trade, noted investors hope for a positive Doha talks outcome, despite unstable Hormuz flows. He added cautious optimism prevails, with market hedging until concrete de-escalation signs. Diplomatically, Iranian Deputy Foreign Minister Kazem Gharibabadi stated Monday that Iranian and Omani experts would soon begin talks to redefine Strait of Hormuz shipping lanes, asserting Iran would prevent vessels passing outside them. Conversely, Iranian Foreign Ministry spokesman Ismail Baghaei denied any US negotiation meetings in coming days. US President Donald Trump commented: "The Doha meeting may be important, and maybe not. We will see." This uncertainty highlights the fragility of the June 17, 2026 agreement halting fighting that disrupted global oil flows via the Strait of Hormuz, a political challenge for Trump before November congressional elections. Shipping data showed Middle Eastern producers continue loading oil and LNG despite new attacks and renewed US-Iran clashes in Hormuz. Last week, shipping traffic hit its highest since the conflict began in late February.