Crude oil held near $70 per barrel on Wednesday after recording its sharpest quarterly drop since 2020, as investors awaited updates on peace talks between the US and Iran in Doha. Both sides are seeking to ease tensions in the Strait of Hormuz following recent clashes. Washington and Tehran are working toward a lasting resolution, though Iran has continued to insist on maintaining control over maritime traffic in the strategic waterway.
At the same time, oil tanker activity is recovering, with shipments rising since the US and Iran halted their latest exchange of fire over Hormuz. Analysts have cautioned that a supply glut may be forming, as exports rebound more quickly than anticipated. Iran has reported shipping more than 40 million barrels of oil since the US lifted its naval blockade, while Russian exports have climbed to record highs, driving a sharp buildup of crude held in floating storage at sea.
