FX.co ★ Brent Hovers Near Pre-War Levels

Brent crude oil prices hovered around $72 a barrel in light Friday trading, staying close to levels last seen before the Middle East conflict erupted in late February. The move came as commercial shipping through the Strait of Hormuz continued to recover amid progress in US–Iran negotiations.

Crude exports from Saudi Arabia have rebounded to roughly 90% of their pre-war baseline, mirroring a strong supply recovery in the United Arab Emirates. Iraq is also showing early signs of a pickup in shipments, while a substantial volume of Iranian crude remains stored at sea.

Meanwhile, President Donald Trump said talks with Iran were “going very well,” following separate meetings in Doha on Wednesday, where mediators from Qatar and Pakistan held discussions with both US and Iranian officials.