International oil prices continued their downward trend on Tuesday, with some crude benchmarks falling below the $70-per-barrel mark as markets reacted to easing geopolitical tensions and improving prospects for diplomatic engagement in the Middle East.
Crude oil from reserves operated by the United Arab Emirates was trading at approximately $69 per barrel, marking a decline of nearly 2 percent over the past 24 hours.
Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude fell 1.6 percent to $72.6 per barrel, while Brent crude, the global benchmark, also declined 1.6 percent to $76.6 per barrel.
Oil prices began retreating last week after reports emerged that Iran and the United States had agreed to hold talks in Switzerland aimed at reducing regional tensions. The development improved market sentiment and reduced concerns about potential supply disruptions in global energy markets.
Despite the recent decline, Brent crude remains above the levels recorded before the latest escalation involving the United States, Israel, and Iran. Earlier this year, Brent had traded below $70 per barrel before rising sharply amid fears that conflict in the region could threaten oil supplies.
Analysts say energy markets remain highly sensitive to geopolitical developments in the Middle East, with traders closely monitoring diplomatic efforts and their potential impact on global crude supply and demand dynamics.
The latest decline in oil prices could provide relief to oil-importing countries by reducing import costs and easing pressure on fuel prices, inflation, and trade balances.
