Global oil benchmark prices held steady in the $70-a-barrel range on Thursday, as market participants balanced lingering demand concerns against diplomatic developments around key Middle Eastern shipping routes.
Brent crude futures fell 0.18 percent, dropping 14 cents to settle at $79.31 per barrel. U.S. West Texas Intermediate futures slipped 0.35 percent, shedding 26 cents to trade at $74.96 per barrel.
The decline maintained the Brent-WTI price spread at $4.35 per barrel. Traders remained cautious ahead of upcoming official U.S. energy inventory reports and global central bank policy updates.
Crude futures extended recent losses as progress on negotiations to restore traffic through the Strait of Hormuz eased geopolitical risk premiums. Additionally, demand pullbacks in major Asian economies continue to weigh on market sentiment.
OPEC+ production targets and macroeconomic interest rate expectations remain central to the price trajectory. Analysts note expanding supply outside conflict zones is helping balance seasonal demand draws, keeping prices tightly bound.
