BEIJING: Oil prices dropped in early trade on Thursday after Qatar said Iran and the U.S. had made "positive progress" in indirect talks that concluded on Wednesday, focused on the Strait of Hormuz, which handled one-fifth of global oil supply before the war.
Brent futures were down 73 cents, or 1.02%, to $70.84 a barrel by 0102 GMT, while U.S. West Texas Intermediate crude fell 83 cents, or 1.21%, to $67.75 a barrel.
