Oil prices end June down 20%

On Tuesday, June 30, oil prices fell by about 1%, reversing the previous session’s gains, and were heading for a monthly decline as investors monitored potential talks between the US and Iran in Doha amid a tense interim ceasefire in the four-month war.

It was reported by Ekonomichna Pravda, citing Reuters.

The report states that August Brent futures fell 1%, or 75 cents, to USD 72.4 per barrel.

This is approximately USD 20, or 22%, below last month’s closing price.

US West Texas Intermediate (WTI) for August delivery fell by 0.8%, or 57 cents, to USD 70.18 per barrel.

Prices are on track to fall by about USD 17, or 19%, compared with the close on May 29.

Brent and WTI prices are approaching pre-war levels.

It is reported that Iranian and Omani experts will begin negotiations in the coming days to review transit routes through the Strait of Hormuz, Iran’s Deputy Foreign Minister Kazem Gharibabadi said on Monday on state television.

He added that his country would seek to prevent ships from operating outside the designated routes.

At the same time, Iranian Foreign Ministry Spokesperson Esmail Baghaei stated that there will be no negotiation meetings with the US side at any level in the coming days.

As the Ukrainian News agency earlier reported, on Monday, June 29, oil prices rose to approximately USD 70 per barrel, recovering modestly from four-month lows following a series of tit-for-tat attacks between the US and Iran in the Strait of Hormuz.