Oil prices dropped due to US-Iran nuclear talks resuming, potential for increased Iranian oil exports

Oil prices fell on Thursday after reports that the US plans to restart nuclear talks with Iran, potentially leading to reduced sanctions and increased Iranian oil exports. Concerns about a global oil glut persist as OPEC+ considers another output hike in August. Gasoline prices are supported by strong demand, with a record number of travelers expected for the Fourth of July holiday. Crude oil stored on tankers declined, while EIA reports showed mixed results for crude and products. US oil rig count has fallen to a 3.75-year low.

Read more at Yahoo Finance: Oil Prices Lower on a Report US-Iran Nuclear Talks Will Restart