Crude oil prices have eased on Tuesday ahead of the US-Iran meeting likely to take place in Qatar later today. Both sides had exchanged missile and drone strikes on each other’s assets over the past week, jeopardising the 14-point peace memorandum.
Brent crude futures for August delivery, set to expire today, fell 1.03 per cent to $72.40 per barrel. Brent crude for September delivery was down 0.54 per cent at $73.51 per barrel.
Crude oil prices have come down over the past two weeks amid de-escalation and the possible Iran-US deal ending all hostilities in the region.
Prices of crude and energy supplies had reached record highs during the US-Iran war, with levels breaching $120 a barrel in March 2026.
Iranian Deputy Foreign Minister Kazem Gharibabadi has said that Iranian and Omani experts are expected to begin discussions in the coming days on redefining the transit routes through the Strait of Hormuz.
At the same time, Iranian foreign ministry spokesperson Esmaeil Baghaei clarified that no meetings or negotiations with the United States are scheduled at any level in the coming days.
But he confirmed that a high-level expert delegation will meet US representatives in Doha today.
Amidst the retaliatory attacks by the United States and Iran, transit through the Strait of Hormuz continued over the weekend and on Monday as well. Middle Eastern energy producers have continued loading crude oil and LNG cargoes, according to shipping data.
Also read: Crude oil prices jump to $72 a barrel in early trade
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