Market News

(Bloomberg) -- Oil fell for a third day as flows through the Strait of Hormuz surged and there were signs of progress in indirect talks between the US and Iran.

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 through the Strait of Hormuz, a US official said, while President Donald Trump hailed progress in negotiations.

Qatar said the next meeting will 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.

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, as the country snuck tankers through the critical waterway and turned to pipeline flows.

--With assistance from Gabriel Levin.