Brent crude futures are tracking lower, approaching the critical $70 per barrel threshold as global oil markets digest signs of de-escalation in the Middle East.
The benchmark has fallen to approximately $70.84, marking a third consecutive session of declines and shedding more than 3% over the past two trading days.
The sell-off is driven by reports that indirect negotiations between the United States and Iran in Doha have yielded tangible progress.
Market participants are rapidly repricing the geopolitical risk premium that had supported higher energy prices in recent weeks.
As diplomatic channels appear to be opening, the immediate threat of supply disruptions from the Strait of Hormuz or Iranian export curbs is receding.
This shift in sentiment highlights the sensitivity of energy markets to geopolitical headlines.