Brent Crude Prices Decline 0.9% Amid U.S.-Iran Talks Uncertainty

AI Summary

Brent crude futures traded 0.9% lower at $72.27 per barrel, while U.S. West Texas Intermediate (WTI) futures fell 0.9% to $68.91. Both contracts recorded a more than 20% decline in June, marking their worst monthly performance since 2021. The drop follows Iran's decision not to engage in talks with the U.S. in Qatar related to the interim peace deal. Concerns persist over oil supply impacts linked to the Strait of Hormuz, a critical channel for global oil traffic.