US-Iran war, July 2 -- Oil prices declined for a third straight session as crude shipments through the Strait of Hormuz increased and indirect negotiations between the US and Iran showed signs of progress.

Brent crude for September delivery traded near $71 a barrel after falling more than 3% over the previous two sessions, while West Texas Intermediate hovered around $68 a barrel.

Oil shipments through the strategically important Strait of Hormuz have climbed to more than 10 million barrels per day, highlighting Iran's diminishing capacity to disrupt maritime traffic, US official was quoted as saying by Bloomberg. Meanwhile, US President Donald Trump welcomed the progress made in ongoing negotiations.

Qatar said the next round of talks...