Global oil prices continued to decline in early trading after Qatar announced that indirect technical talks between Iran and the United States had made "positive progress," easing fears of an immediate escalation in regional tensions.
Brent crude futures fell 73 cents, or 1.02 percent, to $70.84 per barrel by 01:02 GMT, while US West Texas Intermediate (WTI) crude dropped 83 cents, or 1.21 percent, to $67.75 per barrel.
The latest decline follows losses of more than one percent in the previous trading session, when both benchmark contracts sank to their lowest levels in four months.
Markets have been closely monitoring diplomatic efforts between Washington and Tehran, with signs of progress in the Qatar-mediated talks helping to ease concerns over potential disruptions to oil supplies through the Strait of Hormuz, a key global energy shipping route.
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