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00:02Oil extended its biggest quarterly drop since the pandemic as traders monitored U.S.-Iran peace
00:08talks and the return of shipping through the Strait of Hormuz, according to Bloomberg.
00:13Brent dipped below $72 a barrel after sinking by almost a third over the past three months,
00:18while West Texas Intermediate traded near $68.
00:22U.S. negotiators Jared Kushner and Steve Witkoff held positive discussions in Qatar,
00:27and technical talks with Iran are moving ahead.
00:31Physical markets weakened as Brent's nearest time spread remained in contango, a sign of oversupply.
00:37Oil tanker traffic has picked up since the U.S., and Iran exchanged strikes over the weekend,
00:43though flows remain below pre-war levels.
00:46Goldman Sachs and Morgan Stanley warned of a looming oversupply as shipping through the Strait recovers.
00:52For all things money, visit Benzinga.com.
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