Crude oil prices decline following US-Iran talks and increased Strait of Hormuz shipments

Crude oil prices have continued to fall, reaching fresh four-month lows, after indirect talks between the United States and Iran concluded with positive progress announced by Qatar. Improved maritime traffic through the Strait of Hormuz, a critical shipping corridor, has eased supply concerns and contributed to a significant pullback in global energy prices, leading UBS to cut its 2026-27 oil price forecasts.