Brent crude futures for September 2026 delivery slipped below the $71 per barrel threshold on the London-based ICE exchange, marking the first time the benchmark has traded at this level since February 27, 2026.
Trading data from early Thursday morning showed prices settling at $70.90, extending a multi-week decline that has erased much of the geopolitical premium built into energy markets earlier this year.
21, and a prior decline to $73 per barrel, which was noted as the lowest level since the US-Iran conflict escalated in February.
The breakdown below $71 signals a continued unwinding of supply risk fears that had propped up prices following the outbreak of tensions in the Middle East.
Global energy markets have been absorbing signs of de-escalation in the region, leading to a steady retreat from recent highs.
The move reflects a broader shift in sentiment as traders reassess the likelihood of sustained supply disruptions.
This latest drop follows a session on Wednesday where Brent fell to $71.21, and a prior decline to $73 per barrel, which was noted as the lowest level since the US-Iran conflict escalated in February.