Oil prices fall as investors weigh the prospect of a U.S.-Iran summit in Qatar after days of back-and-forth fighting around the Strait of Hormuz. In early European trading, Brent crude falls 1% to $73.20 a barrel, while WTI futures are down 1.2% to $69.91 a barrel. Although crude prices have returned to preconflict levels, underlying pressures in the oil market remain. "We believe the market has overshot to the downside," ING's Warren Patterson says. "Our assumption is that flows will only get close to prewar levels towards the end of the third quarter, while current price levels imply a return to normal by the end of July." While President Trump said the U.S. and Iran would hold fresh talks in Doha on Tuesday, Iran's deputy foreign minister said Tehran hadn't decided on the timing of the discussions. (giulia.petroni@wsj.com)
Dow Jones Newswires
Oil Falls as Focus Shifts to Potential U.S.-Iran Talks in Doha — Market Talk
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Oil prices fall as investors weigh the prospect of a U.S.-Iran summit in Qatar after days of back-and-forth fighting around the Strait of Hormuz. In early European trading, Brent crude falls 1% to $73.20 a barrel, while WTI futures are down 1.2% to $69.91 a barrel. Although crude prices have return…