Oil prices have fallen nearly 2 per cent to a four-month low as concerns over supply disruptions eased after Qatar said Iran and the US made progress in talks over the Strait of Hormuz, Reuters reports.

Brent futures are 91 cents, or 1.3pc lower, at $70.66 a barrel as of 1316 GMT, while US West Texas Intermediate crude has fallen by $1.04, or 1.5pc, to $67.54 a barrel.