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Crude oil prices extended their decline for a second consecutive session after signs of potential diplomatic progress between the United States and Iran reduced concerns over supply disruptions in the Middle East.
Brent crude briefly fell below the psychologically important US$80 per barrel level, while WTI crude also retreated, as investors scaled back the geopolitical risk premium that had driven prices sharply higher in recent weeks. The selloff has erased more than 12% from oil prices over the past two trading sessions, underscoring how quickly sentiment can shift when markets begin pricing in the possibility of de-escalation.
The decline came after U.S. officials signalled progress towards a potential agreement with Iran and the possible reopening of the Strait of Hormuz, a vital shipping route that carries around 20% of the world’s oil and natural gas supplies. However, Iran has denied U.S. President Donald Trump’s claim that negotiations are already underway, leaving uncertainty over whether a diplomatic breakthrough is imminent.
Despite heightened geopolitical tensions, physical crude flows through the Strait of Hormuz have remained largely uninterrupted. This highlights how oil prices have become increasingly sensitive to geopolitical headlines, with sentiment often moving ahead of any meaningful changes in underlying supply conditions.
While the recent pullback has reduced the immediate geopolitical premium, supply risks have not disappeared. Global oil inventories remain relatively tight, leaving the market vulnerable should diplomatic efforts stall or supply disruptions emerge. In such a scenario, limited inventories could amplify future price movements.
As of 10:00am Singapore time, WTI crude traded at US$75.99 (up 0.26%) per barrel, while Brent crude recovered modestly to US$79.72 (up 1.23%) during the Asian session.
What Investors Should Watch
Looking ahead, investors will continue monitoring developments surrounding U.S.-Iran diplomacy, tanker movements through the Strait of Hormuz and any signs of disruption to global oil supplies. Beyond geopolitical developments, market attention is also expected to shift towards upcoming economic data and corporate earnings, which could influence expectations for global energy demand and broader market sentiment.
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