Global oil prices fell further toward 60 dollars on Thursday. This decline marks the lowest level for crude since May 2025. The shift occurred after Iran officially resumed its oil exports through the strategic Strait of Hormuz.
Consequently, market analysts noted a sharp drop in regional energy metrics at the time of press. Specifically, crude oil from reserves in the United Arab Emirates fell to 64.4 dollars per barrel. This drop represents a swift decline of nearly 2 percent within the past 24 hours.
Sharp Declines in Global Benchmarks
Meanwhile, major international benchmarks also experienced notable losses during the trading session. For instance, Brent crude futures dropped by 1 dollar, or 0.9 percent, to settle at 70 dollars a barrel. At the same time, US West Texas Intermediate (WTI) crude fell by 1 dollar, or 1.4 percent, to reach 67.7 dollars a barrel.
In addition to these price drops, the latest shipping terminal data revealed a massive surge in maritime traffic. According to these reports, oil shipments through the Strait of Hormuz have rapidly returned to their pre-war levels. As a result, a months-long backlog containing millions of barrels finally cleared the narrow waterway over the past 24 hours.
Diplomatic Progress and Future Outlook
Furthermore, diplomatic breakthrough drove much of this sudden market correction. All major parties have concluded the first phase of technical peace talks. Notably, a joint mediation team from Pakistan and Qatar successfully led these historic negotiations to end the war permanently.
Ultimately, energy experts expect crude oil prices to continue grinding lower in the near term. Naturally, this downward trend will persist until international buyers fully clear the remaining backlog of older oil inventory. In conclusion, if this peaceful situation continues, the higher benchmarks of WTI and Brent could easily drop below 65 dollars per barrel.
