Oil prices continued their downward trend on Thursday as crude exports through the Strait of Hormuz resumed, easing concerns over supply disruptions and increasing global market availability. Reports of progress in U.S.-Iran talks, facilitated by Qatari and Pakistani mediators, also weighed on market sentiment.
At the time of reporting, crude oil produced by the United Arab Emirates was trading at approximately $64.40 per barrel, down nearly 2% over the past 24 hours.
International benchmark Brent crude fell by around $1.00, or 0.9%, to $70.00 per barrel, while U.S. West Texas Intermediate (WTI) declined by $1.00, or 1.4%, to $67.70 per barrel, reflecting improving supply conditions across global energy markets.
Shipping activity through the Strait of Hormuz has also increased significantly, with tanker traffic returning toward normal levels after months of disruption. The clearance of a backlog of crude shipments has added further downward pressure on oil prices as more supply reaches international markets.
Market analysts expect crude prices to remain under pressure in the near term as additional shipments enter global markets and geopolitical risk premiums continue to ease. However, future price movements will depend on the progress of regional negotiations, global demand, and production decisions by major oil producers.
