Muscat: Brent crude futures dipped slightly by four cents (0.06%) to $69.48 per barrel, while U.S. West Texas Intermediate (WTI) crude slipped three cents (0.04%) to $67.51. This came after both benchmarks had gained around $1 per barrel earlier in the session, driven by concerns over supply disruptions.

Nearly half of Kurdistan’s oil production has been shut down due to the recent drone attacks, intensifying fears of a tightening global supply. However, lingering doubts over future global demand, especially with upcoming decisions on U.S. tariff policies expected in early August, have kept traders cautious.

Adding to the uncertainty are reports that some major oil producers may ease voluntary production cuts, raising the specter of oversupply as the high-demand summer season begins to wane.