Oil prices ease ahead of US-Iran talks in Doha

BAGHDAD, Iraq — Oil prices declined in Tuesday trading as investors monitored upcoming talks between the United States and Iran in Doha. By 09:27 Moscow time, August West Texas Intermediate crude fell 1.14 percent to $69.94 a barrel, while the global benchmark Brent crude for the same delivery month dropped 1.30 percent to $72.20 a barrel. Tim Waterer, senior market analyst at KCM Trade, said traders were pricing in the possibility of a constructive outcome from the Doha meeting even as traffic through the Strait of Hormuz has not yet returned to normal. He described market sentiment as "cautiously optimistic," noting that investors were holding positions until clearer signs of a thaw emerged. Iranian Deputy Foreign Minister Kazem Gharibabadi said in remarks to state television on Monday that Iranian and Omani experts would begin negotiations in the coming days to redefine transit lanes through the Strait of Hormuz. He added that Tehran would seek to block any ship passage outside the designated routes. No further details on the timing or agenda of the Doha meeting were immediately available.