Global oil prices edged lower on the day, but both major benchmarks remained sharply higher on a monthly basis, underscoring continued volatility in the energy market.
Brent crude fell $1.03, or 1.2 percent, to $88 a barrel, while US West Texas Intermediate (WTI) dropped $1.50, or 1.8 percent, to $82.09 a barrel. Despite the decline, both contracts are still up about 20 percent over the past month.
The pullback came even as talks between Iran and the United States showed little progress. At the same time, oil shipments through key shipping lanes have increased, adding pressure to prices and easing some supply concerns that had helped support the market.
Market participants are watching geopolitical developments closely, as any disruption in supply routes or diplomatic escalation could quickly reverse the recent easing in crude prices.
