Oil prices declined on Tuesday as investors awaited the outcome of possible talks between US and Iran in Doha after tit-for-tat strikes over the weekend spooked markets about the fragility of their interim peace deal and slowed down shipping in the Strait of Hormuz.
Brent crude futures dropped around 1% to $72.50 a barrel while US West Texas Intermediate (WTI) crude futures fell around 0.7% to $70.28 per barrel, as seen at 7.20 am on Monday. Brent crude fell nearly 11% last week to mark its third week of loss after crude shipments through the strait rose to their highest level since the US-Israeli conflict with Iran began earlier this year.
