US-Iran Talks Progress in Doha Amid Oil Price Decline

Jul 2, 2026

73 min

Jul 2, 2026 03:30

US-Iran talks advance in Doha as Trump hails progress and oil prices slide

## Progress in US-Iran Talks

The United States and Iran have made headway in indirect negotiations held in Doha, Qatar. Both nations have agreed to establish a communication channel to monitor compliance with a memorandum of understanding aimed at ending the ongoing Middle East conflict. US President Donald Trump expressed optimism about the progress, while Iran emphasized the focus on implementation rather than new negotiations.

## Impact on Oil Prices

As tensions in the Middle East ease, global oil prices have continued to decline. The gradual reopening of the Strait of Hormuz, a critical shipping route, has contributed to this trend. West Texas Intermediate crude fell to $68 per barrel, while Murban crude saw a significant drop to $65.64 per barrel. Brent crude also decreased, reflecting the easing geopolitical concerns.

## Strait of Hormuz Traffic

Commercial shipping through the Strait of Hormuz is slowly recovering, though it remains below pre-conflict levels. Recent data shows an increase in vessel traffic, but it is still far from the average seen before the US-Iran conflict. The reopening of this vital maritime corridor is part of the confidence-building measures included in the US-Iran agreement.

## Conclusion of Doha Talks

Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the conclusion of the Doha talks, highlighting the agreement to set up a communication channel by Thursday. This development marks a step forward in efforts to resolve the conflict that began with US-Israeli strikes on Iran earlier this year.

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