Oil prices fell further near $60 on Thursday for the first time since May 2025 after Iran resumed oil exports through the Strait of Hormuz.
At the time of press, crude oil extracted from reserves operated by the United Arab Emirates stood at $64.4 per barrel, down nearly 2 percent in the past 24 hours.
Brent crude is down $1, or 0.9 percent, to $70 a barrel, while US West Texas Intermediate (WTI) crude fell $1, or 1.4 percent, to $67.7 a barrel.
Also, latest terminal data showed that oil shipments through the Strait of Hormuz have returned to pre-war levels, with the months-long backlog of millions of barrels finally passing through the strategic waterway over the past 24 hours.
All parties under Pakistan/Qatar led mediation efforts have already concluded the first level of the technical-level talks to end the war permanently.
Crude oil is expected to continue grinding lower until the backlog of old and dusted barrels has cleared. If the current situation persists, the higher benchmarks of WTI and Brent could also return to levels below $65 per barrel.
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