Oil prices extended their decline on Thursday, with UAE Murban crude slipping below $65 per barrel for the first time since May 2025, as oil exports through the Strait of Hormuz returned to normal following recent regional tensions.
At the time of writing, Murban crude was trading at around $64.4 per barrel, down nearly 2 percent over the previous 24 hours.
Other global benchmarks also remained under pressure. Brent crude fell by about $1, or 0.9 percent, to $70 per barrel, while US West Texas Intermediate (WTI) declined 1.4 percent to approximately $67.7 per barrel.
The latest terminal data indicated that crude shipments through the Strait of Hormuz have recovered to pre-conflict levels, with the backlog of millions of barrels that had accumulated during the disruption largely cleared over the past day.
Meanwhile, technical-level talks aimed at securing a lasting end to the conflict have entered their initial phase under mediation efforts led by Pakistan and Qatar.
Market participants expect crude prices to remain under pressure as delayed oil cargoes continue reaching global markets. If supply continues to normalize and demand remains unchanged, analysts believe benchmark prices, including Brent and WTI, could retreat further, with prices potentially falling below $65 per barrel.
