FX.co ★ Brent Crude Falls Below $70

Brent crude oil futures fell more than 1.5% to below $70 per barrel on Thursday, as markets focused on US–Iran nuclear negotiations and rising exports from key Middle Eastern producers. Washington and Tehran entered a third round of talks just days before a deadline set by former US President Donald Trump, with Iran signaling some flexibility even as the US imposed new sanctions on more than 30 entities linked to Iranian oil and weapons sales. Prices have come under pressure from expectations of a global supply surplus this year, despite ongoing geopolitical risks. At the same time, Saudi Arabia is poised to ship its largest volume of crude in nearly three years, while exports from Iraq, Kuwait, and the United Arab Emirates have also risen, further boosting supply. Investors are now watching the upcoming OPEC+ meeting for guidance on the group’s April output policy.