Oil prices fell modestly early Tuesday as traders monitored developments in negotiations between the U.S. and Iran on ending their four-month war.
Crude prices have stabilized following attacks across the Persian Gulf over the weekend after the United States and Iran separately announced they will send delegations to Qatar this week, though Tehran insisted it has not agreed to meet with the United States “at any level.”
Brent crude, the international standard, fell 0.7% to $73.40 a barrel. It was trading near $72 per barrel before the war began to disrupt transport of oil and gas through the Strait of Hormuz.
Benchmark U.S. crude declined 0.8% to $70.22 a barrel.
The hope is that an end to the war with Iran will restore full access to the strait, allowing tankers to exit the Persian Gulf and deliver crude to customers worldwide. That would help lower the price of oil, whose jumps because of the war have sent a punishing wave of inflation around the world.
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