Oil prices retreat after Middle East export flows stabilize, reducing fears of a supply disruption near $69.05 per barrel.
West Texas Intermediate crude fell 3.25% to trade near $69.05, hitting a low of $68.48, its weakest level since late February. The decline follows reports of recovering oil exports from the Middle East, easing concerns over potential supply disruptions.
Prices had previously been supported by geopolitical tensions, but recent data showed improved export volumes, reducing market anxiety. Analysts noted the shift in sentiment as traders reassessed supply risks amid stable output levels.
The drop reflects a broader pullback in energy markets, with investors monitoring further developments in regional stability and production trends.