Oil settles little changed as Qatar cites positive progress in U.S.-Iran talks

According to CNBC, oil prices were little changed Thursday after Qatar said the U.S. and Iran made “positive progress” in indirect talks. Brent crude futures with September delivery rose 23 cents to settle at $71.80 a barrel, while U.S. West Texas Intermediate futures with August delivery gained 11 cents to close at $68.69. Mediators from Qatar and Pakistan held separate meetings with U.S. and Iranian negotiators in Doha on Wednesday, Qatar’s foreign ministry said on social media. President Donald Trump told reporters Wednesday that negotiations with Iran were going well. ING said the market remains optimistic that Persian Gulf oil supplies will normalize despite recent military flare-ups, and estimated total tanker crossings through the Strait of Hormuz at around 11 on Tuesday, down from last week’s peak of 24.