Brent crude prices have slipped to $70.80 per barrel, marking a fresh low for the benchmark since the outbreak of the US-Iran conflict in February.
The decline extends a multi-day selling pressure that has seen the contract retreat from recent highs, with traders increasingly pricing out the risk of a prolonged supply disruption in the Middle East.
The move to $70.80 represents a significant acceleration of the downward trend that began earlier in the week.
The move to $70.80 represents a significant acceleration of the downward trend that began earlier in the week.
On Wednesday, Brent had already touched $71.21, its lowest level since the conflict started, before continuing its slide into Thursday's session.
The sustained drop suggests that market participants are interpreting recent diplomatic signals and de-escalation indicators as credible, reducing the urgency to hedge against potential shipping bottlenecks in key chokepoints.
This repricing reflects a broader shift in energy market sentiment.