.jpg)
1 hour ago
3
Article content
(Bloomberg) — Oil fell for a third day as flows through the Strait of Hormuz climbed and there were signs of progress in indirect talks between the US and Iran.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
West Texas Intermediate traded near $68 a barrel, after sliding 3% in the previous two sessions, while Brent settled below $72 on Wednesday. Oil supply through the critical waterway has reached more than 10 million barrels a day, underscoring Tehran’s now-limited ability to halt shipping, a US official said, while President Donald Trump hailed progress in negotiations.
Article content
Article content
Article content
Qatar said the next meeting would be scheduled at the earliest possible time following the funeral processions for Iran’s former Supreme Leader Ali Khamenei, who was killed in an air strike at the start of the conflict. Ceremonies are expected to begin July 4 and continue for days, according to Iranian state-run media.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Oil has extended losses after its worst quarter since 2020, as flows through Hormuz — which connects Persian Gulf producers to global buyers — continued despite tensions over the weekend that saw the parties exchange strikes. While total supply is still crimped, the United Arab Emirates’ exports have reached pre-war levels thanks to workarounds, and key US crude grades have slumped to trade at discounts as demand for American supply fades.
Article content
“Oil prices continue to drift lower as the gush of oil escaping the Strait of Hormuz coincides with SPR releases and curtailed demand, as flare ups between Iran and the US remain contained at least for the time being,” said Saul Kavonic, senior energy analyst at MST Marquee, referring to the millions of barrels of strategic petroleum reserves countries tapped to replace lost Gulf supply.
Article content
Article content
The Islamic Revolutionary Guard Corps “may be reluctant to relinquish their leverage over the strait, as their ability to hold the world economy to ransom is the only point of leverage they really have,” Kavonic added.
Article content
Ahead of Qatar talks, Iran reiterated its determination to control shipping through Hormuz, underscoring the sticking points — which include the Islamic republic’s nuclear program and fighting in Lebanon — that are complicating discussions during the 60-day ceasefire window. Trump repeated that Iran cannot have a nuclear weapon in comments Wednesday to reporters in Virginia.
Article content
Total US stockpiles have fallen to the lowest levels since March 2025, with inventories excluding strategic reserves at around 1.2 billion barrels, after 12 straight weeks of declines.
Article content
—With assistance from Gabriel Levin.
Article content
English (US)