Brent slips below $71 a barrel as Hormuz traffic continues and U.S.-Iran talks advance
AI Market Summary
Brent and WTI extended a three-day selloff as shipping through the Strait of Hormuz remained above 10mb/d and US-Iran talks in Qatar signaled de-escalation, reducing the geopolitical risk premium. Additional pressure comes from strategic petroleum reserve releases and softer demand indicators. The reversal has erased war-driven gains, shifting near-term focus to supply normalization and demand resilience rather than disruption risk.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-3.19%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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Brent crude fell below $71 a barrel and WTI dropped under $68 a barrel, marking a third straight day of declines. Average oil flows through the Strait of Hormuz topped 10 million barrels per day, while indirect U.S.-Iran talks in Qatar were reported to be making progress, easing geopolitical risk. Prices have erased the gains logged during the Iran war, with year-to-date increases narrowing to under 20%. Releases from the U.S. Strategic Petroleum Reserve alongside softer demand added to downward pressure.
