Oil Prices Slide for Third Day on Middle East Talks and OPEC+ Supply Hopes

Global oil benchmarks slipped for a third straight session amid signs of progress in indirect US-Iran talks over the Strait of Hormuz. Brent futures dipped about 1.1% to $70.80 a barrel, while US West Texas Intermediate fell 1.2% to $67.74. Both had already hit four-month lows in the previous trading day. Traders are eyeing a possible OPEC+ output boost at the group’s early July meeting, and recent data shows crude flows through the Hormuz waterway topping 10 million barrels per day. Yet analysts warn lower oil costs alone won’t tame broader inflationary pressures, citing wage growth, supply-chain delays and potential geopolitical flare-ups.

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