Oil Headed For Steep Monthly Loss

(RTTNews) - Oil prices traded lower on Tuesday and headed for a second month of declines despite clear divergences emerging in the statements from both sides regarding whether the U.S. and Iran would hold talks in Qatar today.

Brent crude futures for August delivery, which expire later today, were down 0.4 percent at $72.88 a barrel. The contract was down almost 20 percent so far in June, marking the biggest quarterly loss since the COVID-19 pandemic in early 2020.

The actively traded September contract was down 0.2 percent at $73.80 a barrel while WTI contract for August delivery was little changed at $70.74.

The WTI contract was down nearly 20 percent so far this month, marking a second straight month decline.

Talks between the United States and Iran in Doha appear uncertain after recent exchange of fire in the Strait of Hormuz.

In a post on Truth Social, U.S. President Donald Trump claimed the meeting would take place in Qatari capital amid tensions over Strait of Hormuz and asset releases.

Trump later clarified that the U.S. delegation is traveling to Doha only to monitor implementation of the recently signed MoU, raising doubts over the future of the fragile U.S.-Iran peace process.

Elsewhere, Iran's foreign ministry spokesperson, Esmaeil Baghaei said U.S. officials' trip to Doha had nothing to do with the Iranian delegation visiting the city and that no talks between the two sides were scheduled.

"Over the coming days, we will not have any negotiation meetings with the U.S. side at any level," he added.

Meanwhile, media reports suggest that tanker traffic through the Strait of Hormuz has declined after the U.S. and Iran traded new strikes over the weekend.

A top Iranian official reiterated the country's determination to maintain control over maritime traffic moving through the Strait of Hormuz even if Oman opts not to participate.