Crude prices extend declines, settling at the lowest level since the Iran war began in early March.
Crude oil futures closed 3.92% lower at $70.34, continuing a downward trend as prices slipped below the 200-day moving average. The session low reached $69.63, the first breach of $70.00 since the Iran war started on March 2.
Prior to the conflict, crude settled at $67.28 on February 27, while the March 2 gap low was $69.20. The year-end 2025 closing price stood at $57.40, highlighting the recent volatility. Despite the drop, retail fuel prices have not yet reflected the decline.
The settlement marks a sharp reversal from post-war highs, signaling potential further weakness in energy markets.