Ice Brent futures fell in early Asian trading hours after mediators began efforts to resume US-Iran negotiations.
The Ice front-month October Brent contract was at $78.43/bl at 04:08 GMT, lower by 93¢/bl from its settlement on 4 August, when it ended $4.41/bl lower.
The Nymex front-month September crude contract was at $74.68/bl, down by $1.09/bl from its settlement on 4 August, when it ended $4.57/bl lower.
Qatar, Pakistan and Oman are mediating talks between the US and Iran, but Doha has signalled that an agreement over the strait of Hormuz is not as imminent as US president Donald Trump's administration claims.
Qatar, Pakistan and Oman have been facilitating diplomatic exchanges between the US and Iran, Qatar's foreign ministry said on 4 August. But there is no specific timeline for a deal, and the mediators are working to create "the appropriate conditions for the resumption of direct dialogue", Qatar's foreign ministry said. "The minimum demands at the current stage are to return to the previous status of the strait, in line with international law and in co-ordination with all littoral and concerned nations," it said.
Meanwhile, a vessel was hit by an unknown projectile off the coast of Oman, the United Kingdom Maritime Trade Operations (UKMTO) said late on 3 August.
An unnamed vessel reported over VHF Channel 16 that it had been struck by an unidentified projectile while operating 20 nautical miles (37km) northeast of Al Khasab, Oman, according to the UKMTO, citing military authorities.
Elsewhere, US crude exports fell in June by 17pc from the prior month's record high because shipments to key buyers in Europe and Asia-Pacific eased, according to US Census Bureau data.
US crude exports averaged 4.73mn b/d in June, down from a record 5.73mn b/d in May. Compared with a year earlier, exports were up by 26pc.
Ice Brent futures fell in early Asian trading hours after mediators began efforts to resume US-Iran negotiations.
The Ice front-month October Brent contract was at $78.43/bl at 04:08 GMT, lower by 93¢/bl from its settlement on 4 August, when it ended $4.41/bl lower.
The Nymex front-month September crude contract was at $74.68/bl, down by $1.09/bl from its settlement on 4 August, when it ended $4.57/bl lower.
Qatar, Pakistan and Oman are mediating talks between the US and Iran, but Doha has signalled that an agreement over the strait of Hormuz is not as imminent as US president Donald Trump's administration claims.
Qatar, Pakistan and Oman have been facilitating diplomatic exchanges between the US and Iran, Qatar's foreign ministry said on 4 August. But there is no specific timeline for a deal, and the mediators are working to create "the appropriate conditions for the resumption of direct dialogue", Qatar's foreign ministry said. "The minimum demands at the current stage are to return to the previous status of the strait, in line with international law and in co-ordination with all littoral and concerned nations," it said.
Trump blasted the nation's top oil producers for not doing enough to bring down fuel prices after they posted bumper second-quarter profits following a surge in crude prices triggered by the US-Iran war.
Meanwhile, a vessel was hit by an unknown projectile off the coast of Oman, the United Kingdom Maritime Trade Operations (UKMTO) said late on 3 August.
An unnamed vessel reported over VHF Channel 16 that it had been struck by an unidentified projectile while operating 20 nautical miles (37km) northeast of Al Khasab, Oman, according to the UKMTO, citing military authorities.
Elsewhere, US crude exports fell in June by 17pc from the prior month's record high because shipments to key buyers in Europe and Asia-Pacific eased, according to US Census Bureau data.
US crude exports averaged 4.73mn b/d in June, down from a record 5.73mn b/d in May. Compared with a year earlier, exports were up by 26pc.
By Rhalain Reyes