Crude oil fell below $69 per barrel on Wednesday, its lowest level since February 27, as traders weighed ongoing US–Iran peace talks and a gradual normalization of shipping through the Strait of Hormuz. US envoys Jared Kushner and Steve Witkoff held what were described as constructive discussions in Qatar, and a senior administration official said technical talks with Iran are progressing as part of indirect efforts to ease tensions over the strategic waterway that connects Persian Gulf producers to global markets.
Tanker traffic has shown tentative signs of recovery following reciprocal strikes over the weekend, though flows remain below pre-war levels. At the same time, Iranian exports have surged past 40 million barrels after the lifting of a US naval blockade, while record Russian shipments have contributed to a significant buildup of seaborne inventories. Despite these developments, Tehran has continued to insist on maintaining maritime administrative control over the strait.
