Brent crude for September delivery fell to approximately $71 a barrel, marking a third consecutive session of declines.
The benchmark has dropped more than 3% over the past two trading days as market participants reassess the geopolitical risk premium attached to Middle Eastern supply routes.
Earlier this week, crude prices had stabilized above the $70 mark as traders weighed the likelihood of renewed diplomatic engagement.
The downward pressure on oil prices is being driven by two converging factors: tangible progress in indirect negotiations between the United States and Iran, and a measurable increase in crude shipments through the Strait of Hormuz.
The Strait remains a critical chokepoint for global energy supplies, and the normalization of traffic signals that immediate supply disruption risks are receding.
This development follows a period of heightened volatility in energy markets.
Earlier this week, crude prices had stabilized above the $70 mark as traders weighed the likelihood of renewed diplomatic engagement.