WTI and Brent oil prices rise as US jobs miss and US‑Iran talks show progress

West Texas Intermediate (WTI) crude traded around $68.65 per barrel, up about 0.3% on the day, while Brent for September delivery rose to $71.80, also gaining roughly 0.3%. The gains followed a weaker‑than‑expected US non‑farm payroll report that added only 57,000 jobs in June, far below the 110,000 forecast, weakening the US dollar and easing expectations of further Federal Reserve tightening.

Indirect negotiations between the United States and Iran in Doha, mediated by Qatar, were described as showing “positive progress” by the Qatari foreign ministry and US officials, including President Donald Trump, who said Iran had accepted most US demands. The diplomatic thaw reduced regional tension, allowing shipping traffic in the Strait of Hormuz to recover, with 11 tankers recorded crossing the waterway on Tuesday. Analysts noted that despite the price rise, the market still anticipates a future supply surplus and will watch upcoming OPEC+ production decisions and US Energy Information Administration forecasts for further direction.