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\u2013 Oil prices<\/a> were little changed as investors watched U.S.-Iran<\/a> diplomatic efforts and the fragile ceasefire.\n<\/p>\n \u2013 Brent and WTI crude were on track for their biggest monthly and quarterly declines since early 2020.<\/p>\n \u2013 Analysts cited growing supply expectations and easing geopolitical concerns as factors weighing on prices.\n<\/p>\n Oil prices were little changed on Tuesday but were headed for their biggest monthly and quarterly losses since the COVID-19 pandemic in early 2020, with investors eyeing potential U.S.-Iran talks in Doha amid a strained interim ceasefire in the four-month-old war.\n<\/p>\n Brent futures rose 3 cents to $73.18 a barrel at 10:51 a.m. EDT (1451 GMT), while U.S. West Texas Intermediate<\/a> (WTI) crude fell 30 cents, or 0.4%, to $70.45 a barrel.<\/p>\n Both crude benchmarks were close to where they were trading on February 27, the day before the start of the U.S.-Israeli war on Iran, when Brent closed at $72.48 a barrel and WTI closed at $67.02.\n<\/p>\n \u201cI wouldn\u2019t say the market has priced out a risk<\/a> premium, but previously stranded ships have become available with the increase in ships moving out of the Gulf, creating a temporary wave of new supply,\u201d UBS analyst Giovanni Staunovo said.\n<\/p>\n Morgan Stanley<\/a> said it now models an implied global oil market surplus of 4.8 million barrels per day in 2027.\n<\/p>\n Top U.S. envoys who have arrived in Doha will not hold a high-level meeting with Iran, a Qatari official said on Tuesday, casting doubt on the progress of efforts to bring a lasting halt to the Iran war and fully reopen the Strait of Hormuz<\/a>. About 20% of global oil supplies passed through the strait before the Iran war.\n<\/p>\n Instead, there will be technical talks this week on issues including regional security that could later be elevated to senior level, Qatar<\/a>\u2018s Foreign Ministry spokesperson Majed Al Ansari told a media briefing.\n<\/p>\n The arrival of U.S. President Donald Trump<\/a>\u2018s son-in-law Jared Kushner and envoy Steve Witkoff in Doha on Tuesday followed exchanges of fire over the weekend that tested the June 17 interim accord between the United States<\/a> and Iran.\n<\/p>\n The 14-point pact allowed 60 days for the two sides to negotiate a permanent truce in the conflict and to resolve thorny issues including the future of Iran\u2019s nuclear programme.\n<\/p>\n Futures milestones <\/p>\n Both crude benchmarks remained technically oversold Tuesday, Brent for 13 straight days, WTI for 11. Brent\u2019s premium over WTI fell to $2.14 a barrel, its lowest since May 2022, a level analysts say discourages U.S. crude exports.\n<\/p>\n Brent fell about 21% in June after a 19% drop in May, its steepest monthly decline since March 2020. For the quarter, Brent dropped about 38% after surging 94% in the first quarter.\n<\/p>\n Markets awaited weekly inventory data from the API and EIA. Analysts estimated a 4.1 million-barrel draw for the week ended June 26, which would mark 10 consecutive weeks of inventory declines, tying a record set in January 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"Listen to this article Summary: \u2013 Oil prices were little changed as investors watched U.S.-Iran diplomatic efforts and…\n","protected":false},"author":2,"featured_media":185051,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[55564,1872,6151,38,2276,34,2591,261,35802,271,896,101,51,1149],"class_list":["post-185050","post","type-post","status-publish","format-standard","has-post-thumbnail","category-iran","tag-aig","tag-brent-crude","tag-commodities","tag-donald-trump","tag-energy-markets","tag-iran","tag-morgan-stanley","tag-oil-prices","tag-pr","tag-qatar","tag-risk","tag-strait-of-hormuz","tag-united-states","tag-west-texas-intermediate"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116840977272813073","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/185050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=185050"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/185050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/185051"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=185050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=185050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=185050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}