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Oil prices fell nearly 2% to a four-month low after signs of progress in US-Iran talks over the Strait of Hormuz eased fears of supply disruptions. Brent dropped to around $70.66 a barrel, while WTI slipped to about $67.54, both hitting their lowest levels since late February.

Improved oil flows through the Strait, alongside strategic reserve releases and weak demand from China, added downward pressure. Analysts noted that the current oversupply and subdued consumption have created a near-term “mini-glut,” though prices could rebound later.

Meanwhile, UBS cut its Brent price forecasts citing higher supply, while HSBC expects markets to absorb excess barrels over time. Additional developments included rising refinery demand in the US, Nigeria joining the IEA, and a Ukrainian strike on a major Russian refinery.