Oil prices rebound from four-month lows ahead of US-Iran talks

Washington DC [US], June 30: Oil prices traded higher on Monday, recovering from four-month lows hit last week amid renewed uncertainty over the fragile ceasefire between the US and Iran. Brent crude futures for September delivery were up 0.8% at $73.19 a barrel after falling more than 10 percent last week for a third consecutive weekly decline. WTI crude futures for August delivery surged 1.2% to $70.04. After two nights of renewed hostilities, the United States and Iran have agreed to halt military strikes against each other and meet on Tuesday in Doha, Qatar, to resolve their disputes over shipping routes and transit fees. Earlier, Iran had attacked commercial vessels in the Gulf, prompting US strikes on Iran's air defence sites, drone facilities and mine-laying capabilities. Iran retaliated with strikes on US bases in Bahrain and Kuwait before both sides agreed to halt strikes and meet this week. While shipping activity through the Strait of Hormuz has picked up in recent days, the International Maritime Organization (IMO) estimated that around 80 naval mines remain scattered across the waterway's traditional shipping corridor.
Source: Qatar Tribune