Brent crude oil prices collapsed to $70.14 a barrel, marking the lowest level for the benchmark since late February, before the outbreak of war in the Middle East drove prices to a peak of $126.
The steep decline follows a broader retreat in fuel costs, including a record drop in diesel prices.
This latest slide extends the downward trajectory that saw Brent fall below the $75 threshold earlier in the week.
The move represents a significant reversal from the elevated levels seen during the height of regional tensions, as markets digest the cooling of supply disruption fears.
This latest slide extends the downward trajectory that saw Brent fall below the $75 threshold earlier in the week.
The rapid unwinding of the geopolitical risk premium suggests that traders are increasingly pricing in a stabilization of the supply outlook, despite the ongoing conflict.
The sharp correction in energy prices has immediate implications for inflation expectations and central bank policy debates.