Crude oil traded near $68.50 a barrel on Thursday, rebounding from an earlier 2% drop as traders moved to secure supplies ahead of the extended U.S. Independence Day weekend. Nonetheless, prices remained at their lowest level since February 27, reflecting steady normalization of shipping through the Strait of Hormuz and investor optimism that a lasting peace agreement between the United States and Iran could be achieved.
The United Arab Emirates restored exports to more than 3.9 million barrels per day, while Saudi Arabia increased oil shipments to Asia, lifting total daily flows through the Strait of Hormuz to above 10 million barrels. In parallel, President Donald Trump said U.S.–Iran talks were “going very well” after Qatari and Pakistani mediators concluded separate meetings with American and Iranian negotiators in Doha on Wednesday.
