Brent crude fell to $71.21 per barrel on Wednesday, marking a continued retreat from recent highs as global energy markets absorbed signs of de-escalation in the Middle East.
The price action reflects a broader shift in sentiment, with traders reducing hedges against supply disruptions following reports that US and Iranian officials have made tangible progress in peace negotiations.
The decline follows a sharp pullback earlier in the week, when global oil prices retreated on Monday after initial reports of diplomatic breakthroughs emerged.
That development sparked relief across energy markets, with investors pricing in a lower probability of prolonged shipping disruptions in key chokepoints such as the Strait of Hormuz.
The current session’s move suggests that the initial relief rally is deepening into a more sustained repricing of geopolitical risk.
While global benchmarks soften, downstream effects vary by region.