Oil prices declined for a third straight session on Thursday as concerns over potential supply disruptions eased after Qatar announced that Iran and the United States had made progress in discussions regarding the Strait of Hormuz.

Brent crude futures dropped 66 cents, or 0.92 per cent, to $70.91 per barrel as of 0758 GMT, while U.S. West Texas Intermediate crude fell 59 cents, or 0.86 per cent, to $67.99 per barrel, marking their lowest levels since February 27.

According to a spokesperson for Qatar’s Foreign Ministry, the talks achieved “positive progress” on issues relating to the memorandum that ended the conflict in June.

However, there was no indication that the discussions had advanced toward securing a lasting peace agreement.

The ministry added that the next round of talks between Iranian and U.S. negotiators would take place after the July 9 funeral processions for Iran’s late Supreme Leader, Ayatollah Ali Khamenei.

Despite the continued decline in global crude oil prices, the average retail price of petrol in Nigeria remained at ₦1,200 per litre.