Oil Prices Slip Over 1% as US‑Iran Talks Ease Middle East Tensions
Oil prices dropped more than 1% in early European trading, with Brent crude sliding to its lowest quarterly performance since 2020. The decline followed reports of progress in indirect US‑Iran negotiations and a surge in tanker traffic through the Strait of Hormuz, suggesting the risk premium from the Gulf crisis is receding. Analysts note that while the price slide reflects easing geopolitical risk, the market remains sensitive to any reversal in talks or renewed missile activity. Freight rates for Hormuz shipments, still elevated, serve as a more immediate gauge of supply‑line stress than spot prices, highlighting lingering uncertainty despite the recent calm.
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At $72 a barrel, Brent crude's level suggests the Gulf crisis is over. But the sugar rush from clearing stuck cargoes masks an oil supply deficit. Freight rates for shipping through the Strait of Hormuz, which have retreated but remain high, give a better sense of ongoing risks.
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