Crude oil prices pulled back on Thursday evening, reversing the upward momentum that had built over the previous week.
The retreat in energy markets coincided with a shift in political rhetoric from Washington, where the White House declined to attribute recent price increases to ongoing conflicts in the Middle East.
The benchmark had previously slid toward the $68 per barrel level on Wednesday as traders digested a surprisingly weak US jobs report.
Brent crude fell sharply in the session, extending losses that began earlier in the week.
The benchmark had previously slid toward the $68 per barrel level on Wednesday as traders digested a surprisingly weak US jobs report.
The latest decline suggests that the geopolitical premium embedded in oil prices is eroding as diplomatic signals fail to justify sustained higher valuations.
The White House’s refusal to link the price surge to Middle East hostilities marks a notable departure from earlier market narratives.