Crude oil prices fell to about $68 per barrel on Thursday, their lowest level since late February, as oil shipments through the Strait of Hormuz continued to rise and investors welcomed signs of progress in indirect US–Iran negotiations. A US official reported that crude flows through the strategic waterway had exceeded 10 million barrels per day, supported by the American military presence. The UAE’s oil exports also returned to pre-war levels through various workarounds.
At the same time, Iranian oil exports climbed above 40 million barrels following the lifting of a US naval blockade, while record Russian shipments contributed to a substantial buildup in seaborne inventories. President Donald Trump praised the progress in talks, and Qatar indicated that the next round of negotiations would be convened as soon as possible. However, Tehran continued to insist on maintaining maritime administrative control over the strait.