Crude oil fell to around $68 per barrel on Thursday, reaching its lowest level since late February as oil shipments through the Strait of Hormuz continued to increase and investors welcomed signs of progress in indirect US-Iran talks.
A US official said crude flows through the strategic waterway exceeded 10 million barrels per day with support from the American military.
The UAE’s oil exports have also returned to pre-war levels through workarounds.
Meanwhile, Iranian oil exports jumped above 40 million barrels following the lifting of a US naval blockade, while record Russian shipments contributed to a significant buildup in seaborne inventories.
At the same time, President Donald Trump praised the progress in negotiations, and Qatar said the next round of talks would be held as soon as possible.
However, Tehran continued to insist on retaining maritime administrative control over the strait.