Oil Prices Near Pre-War Levels Ahead of Doha Talks

WTI crude oil prices have been holding near $70.39 after two consecutive monthly declines, but traders are still cautious due to lingering supply uncertainty and geopolitical risks.

The market is watching the US-Iran talks in Doha closely, as President Trump said the meeting could be 'important' or 'not important,' leaving room for speculation.

On one hand, shipping through the Strait of Hormuz has improved, reducing fears of a severe supply squeeze. However, on the other hand, China demand is still weighing on sentiment, and traders are waiting for clearer evidence that the world's largest crude importer is returning to the market.