Brent Hovers Near Pre-War Levels

Brent crude oil prices fluctuated around $72 a barrel in thin Friday trading, hovering near levels last seen before the Middle East conflict erupted in late February as commercial shipping through the Strait of Hormuz continued to recover amid progress in US-Iran talks. Specifically, crude exports from Saudi Arabia climbed back to 90% of their pre war baseline, matching a strong supply rebound in the United Arab Emirates. Iraq is likewise showing tentative signs of shipping recovery, while a sizable inventory of Iranian oil continues to accumulate at sea. Also, President Donald Trump said negotiations with Iran were progressing well after mediators from Qatar and Pakistan held separate meetings with US and Iranian officials in Doha on Wednesday.

Brent held steady around $72 per barrel on Friday, hovering near levels last seen before the Middle East conflict erupted in late February as commercial shipping through the Strait of Hormuz continued to recover amid progress in US-Iran talks. Saudi Arabia’s crude exports have rebounded to about 90% of their pre-war levels as more tankers successfully transit the key waterway, signaling that regional oil supply is gradually normalizing. The UAE has also restored its oil exports to pre-war levels by routing tankers through the Strait of Hormuz without drawing attention and relying on a pipeline that bypasses the chokepoint. Meanwhile, President Donald Trump said negotiations with Iran were progressing well after mediators from Qatar and Pakistan held separate meetings with US and Iranian officials in Doha on Wednesday.

Brent crude oil prices were trading near $71.5 on Thursday, recovering from a 2% decline earlier in the session as traders sought to secure supplies ahead of the extended U.S. Independence Day weekend. Still, prices remained at their lowest level since February 27, as shipping activity through the Strait of Hormuz continued to recover steadily and investors remained hopeful that a permanent peace deal between the U.S. and Iran could be reached. The United Arab Emirates restored its exports to more than 3.9 million barrels per day, while Saudi Arabia ramped up oil exports to Asia, bringing total daily flows through the Strait of Hormuz above 10 million barrels. Meanwhile, President Donald Trump said U.S.-Iran negotiations were progressing well after mediators from Qatar and Pakistan concluded separate meetings with U.S. and Iranian negotiators in Doha on Wednesday.