Oil prices fall 30% in Q1 as easing geopolitical tensions and demand concerns weigh on markets.
Brent crude prices are poised for a 30% quarterly decline, marking the steepest drop since the 2020 pandemic-driven collapse. The slump follows a tentative reopening of the Strait of Hormuz after U.S.-Iran diplomatic progress, easing supply disruption fears.
The first-quarter decline surpasses all previous quarters since Q1 2020, when Brent plunged 65.5% amid global lockdowns. Demand concerns, particularly in road transport and industrial fuel, have pressured prices despite geopolitical risks.
Markets have reacted to the broader demand outlook, with traders pricing in weaker consumption amid economic uncertainty.