Crude oil fell below $70 a barrel on Thursday, extending losses for a fourth consecutive session and nearly wiping out all the gains made since the outbreak of the Middle East conflict, as progress in US-Iran peace efforts improved the supply outlook. Growing confidence in a lasting agreement has encouraged more tankers to transit the Strait of Hormuz with their tracking signals turned on. Saudi Arabian tankers are heading toward the Ras Tanura terminal to restart Persian Gulf exports for the first time since March. In addition, a temporary US waiver permitting purchases of already-loaded Iranian oil is expected to boost supply. As oil streams through the waterway at its fastest wartime pace, market attention is shifting toward an anticipated 2026 global supply surplus, prompting Iraq to threaten to leave OPEC unless its production quota is increased. Meanwhile, US stockpiles at Cushing, Oklahoma, are below operational requirements at roughly 19 million barrels.

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