Oil falls 3rd straight day after US Iran talks
Oil prices dropped for the third straight day: Brent crude is now at $70.80 a barrel, and US West Texas Intermediate sits at $67.74.
This dip comes after the US and Iran made what Qatar called "positive progress" in their latest indirect talks, following up on a June agreement that paused fighting.
UBS cuts September Brent forecast $25
The Strait of Hormuz, a vital route for about 20% of the world's oil, is still open, which is keeping oil flowing even as markets worry about oversupply and competition.
Because of this, UBS just slashed its Brent price forecast by $25 for the September quarter.
Plus, OPEC+ might raise production targets at their meeting this Sunday, and more U.S.-Iran talks are set to happen after Iran's late supreme leader's funeral on July 9.
All these moves could shake up oil prices again soon.