Global crude oil prices lost their downward momentum on Thursday, holding steady near pre-war levels as market anxiety over Middle East supply disruptions continued to ease.
The stabilization comes as shipping traffic through the Strait of Hormuz has recovered significantly, with flows now surpassing 10 million barrels per day.
This restoration of throughput signals that the physical supply risk premium, which had driven prices higher in recent weeks, is rapidly dissipating.
The price action reflects a broader shift in market sentiment following a series of diplomatic developments between the United States and Iran.
Earlier in the week, global crude prices declined sharply as reports emerged that indirect negotiations in Doha had yielded tangible progress.
Brent crude had fallen to US$70.84 per barrel on Thursday, marking a continued retreat from recent highs.