LONDON – International oil prices have edged closer to the $70 per barrel mark, hitting their lowest levels in nearly two years amid continued downward pressure in global markets.
Before the latest decline, oil was last seen below $70 per barrel in September 2024.
At the time of reporting, West Texas Intermediate (WTI) crude was trading at $74.4 per barrel, down 2 per cent, while Brent crude stood at around $78 per barrel, falling 2.5pc.
Crude oil produced from United Arab Emirates reserves also slipped to $71 per barrel, marking a decline of nearly 3pc over the past 12 hours.
Market analysts linked the downturn to shifting supply expectations and easing concerns over disruptions in key shipping routes, including the Strait of Hormuz.
Sentiment has also been influenced by ongoing diplomatic engagements involving Iran and the United States in Switzerland, where negotiations on broader regional tensions are underway.
Reports of a temporary deadlock in talks have further contributed to volatility, with markets closely watching developments in the fragile diplomatic process.
Oil prices have remained on a bearish trajectory since the start of the discussions, as investors weigh geopolitical risks against improving supply flows.
