Oil Stabilizes After Sharpest Quarterly Decline Since Pandemic

Oil prices stabilized after posting their largest quarterly decline since the COVID-19 pandemic as traders monitored peace talks between the United States and Iran and the resumption of shipping through the Strait of Hormuz.

Oil markets stabilized as traders monitored U.S.-Iran negotiations and the recovery of tanker traffic through the Strait of Hormuz.

Bloomberg News reported that West Texas Intermediate (WTI) traded near $70 a barrel after losing nearly one-third of its value over the previous three months, while Brent crude closed below $73 a barrel.

Qatar said Jared Kushner and Steve Witkoff had arrived in Doha to participate in ongoing U.S.-Iran peace negotiations aimed at easing tensions surrounding the Strait of Hormuz.

Oil prices have retreated as both sides continue discussions on a longer-term agreement despite recent attacks near the strategic waterway linking Persian Gulf oil producers to global markets.

According to Yahoo Finance, tanker traffic through the Strait of Hormuz has begun recovering following disruptions caused by recent strikes.