International oil prices continued to decline on Tuesday, with crude produced by the United Arab Emirates falling below the $70 per barrel mark as geopolitical tensions in the Middle East eased.

UAE crude traded at around $69 per barrel, down nearly 2% over the past 24 hours. Meanwhile, West Texas Intermediate (WTI) fell to approximately $72.6 per barrel, while Brent crude, the global benchmark, slipped to around $76.6 per barrel, with both benchmarks declining about 1.6% during the day.

Oil prices have been retreating since last week after fears of a wider regional conflict began to subside. Markets responded positively after Iran and the United States agreed to hold talks in Switzerland aimed at reducing tensions, with Pakistan and Qatar facilitating the diplomatic engagement between the two sides.

The latest decline also reflects easing concerns over potential disruptions to global oil supplies, particularly through the Strait of Hormuz, one of the world’s most critical energy shipping routes.

Despite the recent pullback, Brent crude remains above the levels seen before the latest Middle East conflict. The benchmark had traded below $70 per barrel earlier this year before surging as hostilities between Iran and Israel raised concerns over regional energy supplies.