Oil Prices Likely to Fall Below $70 First Time in Almost 2 Years

International oil prices are likely to fall under $70 per barrel for the first time in almost two years.

Before today’s level, oil was last seen below $70 iback n September 2024.

At the time of press, Western Texas Intermediate (WTI) stood at $74.4 (down 2%) while Brent hovered at $78 per barrel (-2.5%).

Meanwhile, crude oil extracted from reserves operated by the United Arab Emirates stood at $71 per barrel, down nearly 3 percent in the past 12 hours.

Besides Pakistan mediating talks between Iran and the US in Switzerland these days, the resumption of vessel movement across the Strait of Hormuz has significantly favored the ongoing fall of oil prices.

Oil first started falling near $70 per barrel after all three parties decided to meet in Switzerland for war talks.

So far, there appears to be a deadlock in the negotiations. The Iranian delegation momentarily left the talks after irresponsible threats issued by US President Donald Trump.

Pakistan has managed to calm both sides to keep the fragile connection alive in time for permanent peace.

Oil has remained bearish since then.