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Oil prices moved lower on Thursday as traders continued to evaluate easing geopolitical risks in the Middle East and growing confidence in global crude supplies. Improving expectations for oil exports from the Gulf region, combined with record U.S. production, kept pressure on crude prices despite ongoing uncertainty surrounding U.S.-Iran negotiations.
As of 20:16 ET (00:16 GMT), U.S. West Texas Intermediate (WTI) crude futures fell 0.85% to $68.00 per barrel. Brent crude futures had not yet opened for trading.
Market sentiment improved after senior U.S. officials indicated that discussions with Iran were progressing, although negotiations remain in the early stages. The possibility of a diplomatic breakthrough has reduced fears of an immediate conflict that could disrupt oil exports from the Persian Gulf, a key source of global crude supply.
Further easing supply concerns, crude shipments through the Strait of Hormuz climbed above 10 million barrels per day. The increase suggests that energy markets are becoming more confident that one of the world's most important oil transit routes will remain operational despite lingering geopolitical tensions.
Supply expectations were also strengthened by the latest data from the U.S. Energy Information Administration (EIA), which showed U.S. crude oil production reached a record 13.93 million barrels per day in April. The increase reinforces expectations that global oil markets will remain well supplied in the coming months.
Analysts at ANZ noted that improving prospects for a longer-term agreement between Washington and Tehran have helped reduce fears of supply disruptions. However, they cautioned that uncertainty over the future security and governance of the Strait of Hormuz continues to provide underlying support for crude prices.
Despite the recent decline, traders remain cautious. Investors are closely monitoring further developments in U.S.-Iran negotiations, shipping activity through the Gulf, upcoming U.S. crude inventory reports, and demand indicators for fresh direction. These factors are expected to play a key role in determining the next move for both WTI and Brent crude oil prices as global energy markets balance geopolitical risks with an increasingly favorable supply outlook.
