Global oil prices extended their decline on Thursday, with Brent crude falling to US$70.84 per barrel.
The drop follows reports that indirect negotiations between the United States and Iran in Doha have yielded tangible progress, reducing the immediate risk of supply disruption in the Strait of Hormuz.
The market move reflects a continued repricing of geopolitical risk premiums.
Traders are increasingly factoring in the possibility of a broader peace deal, which would alleviate concerns over potential shipping blockades or military escalation in the Persian Gulf.
The decline marks a further retreat from recent highs, as sentiment shifts from risk-off positioning to relief-driven selling.
This development builds on a framework agreement announced by US President Donald Trump on Friday, which initially sparked a sell-off in energy markets.