Crude oil prices extended their decline on Thursday, marking a third consecutive session of losses as diplomatic progress between the United States and Iran eased supply disruption fears.
The sell-off reflects a sustained market repricing of geopolitical risk following reports that indirect negotiations in Doha have yielded tangible results.
Brent crude fell to US$70.84 per barrel, continuing a downward trajectory that began after the first round of talks in Switzerland.
The price action underscores how quickly traders are unwinding the risk premium associated with potential Strait of Hormuz disruptions.
With Qatar confirming progress in the dialogue, the immediate threat to global shipping routes appears to be receding, removing a key support level for energy markets.
The development follows a week of heightened volatility as markets digested the initial diplomatic engagement.