Oil prices fall after Trump says U.S.-Iran talks in Qatar are progressing

Oil prices declined on Wednesday after President Donald Trump said talks between the U.S. and Iran in Qatar were making progress. Brent crude futures fell 1.9% to $71.57 a barrel, while U.S. West Texas Intermediate dropped 1.3% to $68.58. The moves came after a volatile month for oil. Brent lost about 21% in June, its steepest monthly drop since March 2020, while WTI posted its worst month since late 2021. Trump said the denuclearization talks were moving along well and noted that U.S. officials had held “very good meetings.” The U.S. team, including Jared Kushner and special envoy Steve Witkoff, was in Doha for indirect discussions through mediators rather than facetoface talks with Iranian officials. The negotiations follow renewed clashes between the two countries over the weekend, which raised concerns about oil supply through the Strait of Hormuz, a critical shipping route that carries about 20% of global oil traffic. Market analysts said tanker movement in the area remains limited, though a pickup in traffic could affect the outlook for prices.