International crude oil prices are edging closer to the $70 per barrel mark, a level last seen in September 2024, as global markets react to renewed supply flows and easing geopolitical tensions.

At the time of reporting, West Texas Intermediate (WTI) crude was trading at around $74.4 per barrel, down nearly 2%, while Brent crude hovered near $78 per barrel, slipping about 2.5%.

Market observers note that UAE-origin crude was also trending lower at around $71 per barrel, reflecting a broader bearish sentiment across global oil benchmarks.

If prices continue their downward trajectory, oil could soon fall below $70 per barrel for the first time in nearly 21 months, a key psychological level for traders and energy markets.

Analysts attribute the recent decline to easing supply concerns, improved maritime flow conditions in key shipping routes, and shifting geopolitical dynamics that have reduced immediate risk premiums in energy markets.

Crude prices have remained under pressure since the resumption of smoother vessel movement in strategic waterways and ongoing diplomatic engagements involving major global powers.

While discussions between key international stakeholders remain ongoing, uncertainty still lingers over long-term stability, keeping markets volatile despite the current downward trend.