Crude oil prices were steady around $68.50 per barrel on Friday, hovering near levels last seen before the Middle East conflict escalated in late February. The stability comes as commercial shipping through the Strait of Hormuz continues to recover amid progress in US–Iran negotiations.
Saudi Arabia’s crude exports have rebounded to roughly 90% of their pre-war levels, as an increasing number of tankers successfully transit the strategic waterway—an indication that regional oil supply is gradually returning to normal. The United Arab Emirates has also restored its oil exports to pre-war volumes, quietly routing tankers through the Strait of Hormuz and making use of a pipeline that bypasses the chokepoint.
Meanwhile, President Donald Trump stated that talks with Iran were “going well,” following separate meetings in Doha on Wednesday, where mediators from Qatar and Pakistan engaged with both US and Iranian officials.