Brent holds near $71 a barrel as Saudi exports return to 90% of prewar levels via Hormuz
AI Market Summary
Brent is holding near $71 as Strait of Hormuz shipping normalizes and Saudi exports run near 90% of prewar levels. Additional supply from the UAE and Iran, alongside ongoing US-Iran negotiations and a sanctions waiver under a preliminary MoU, is reinforcing expectations of looser balances. The fourth consecutive weekly decline signals fading geopolitical risk premium and renewed focus on fundamentals.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT+0.98%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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Brent crude remained under pressure near $71 a barrel this week and is set for a fourth straight weekly decline, the longest losing streak since August 2024. Saudi Arabia’s exports have returned to 90% of prewar levels, with most shipments moving through the Strait of Hormuz, while the UAE and Iran have also boosted supplies amid expectations of looser supply tied to a temporary US-Iran arrangement. Citigroup expects Brent to fall to $60–65 a barrel by year-end.
