diff --git a/spring-web/src/main/java/org/springframework/http/client/observation/DefaultClientRequestObservationConvention.java b/spring-web/src/main/java/org/springframework/http/client/observation/DefaultClientRequestObservationConvention.java
index 202d179ba2..fef77d242b 100644
--- a/spring-web/src/main/java/org/springframework/http/client/observation/DefaultClientRequestObservationConvention.java
+++ b/spring-web/src/main/java/org/springframework/http/client/observation/DefaultClientRequestObservationConvention.java
@@ -43,7 +43,7 @@ public class DefaultClientRequestObservationConvention implements ClientRequestO
 
 	private static final String DEFAULT_NAME = "http.client.requests";
 
-	private static final Pattern PATTERN_BEFORE_PATH = Pattern.compile("^https?://[^/]+/?");
+	private static final Pattern PATTERN_BEFORE_PATH = Pattern.compile("^https?://[^/]+");
 
 	private static final KeyValue URI_NONE = KeyValue.of(LowCardinalityKeyNames.URI, KeyValue.NONE_VALUE);
 
diff --git a/spring-web/src/test/java/org/springframework/http/client/observation/DefaultClientRequestObservationConventionTests.java b/spring-web/src/test/java/org/springframework/http/client/observation/DefaultClientRequestObservationConventionTests.java
index b237ef0d78..dea5002df0 100644
--- a/spring-web/src/test/java/org/springframework/http/client/observation/DefaultClientRequestObservationConventionTests.java
+++ b/spring-web/src/test/java/org/springframework/http/client/observation/DefaultClientRequestObservationConventionTests.java
@@ -1,5 +1,5 @@
 /*
- * Copyright 2002-2023 the original author or authors.
+ * Copyright 2002-2024 the original author or authors.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -88,6 +88,16 @@ class DefaultClientRequestObservationConventionTests {
 		assertThat(this.observationConvention.getHighCardinalityKeyValues(context)).contains(KeyValue.of("http.url", "https://example.org/resource/42"));
 	}
 
+	@Test
+	void addsKeyValuesForRequestWithUriTemplateWithoutPath() {
+		ClientRequestObservationContext context = createContext(
+				new MockClientHttpRequest(HttpMethod.GET, "https://example.org"), response);
+		context.setUriTemplate("https://example.org");
+		assertThat(this.observationConvention.getLowCardinalityKeyValues(context))
+				.contains(KeyValue.of("exception", "none"), KeyValue.of("method", "GET"), KeyValue.of("uri", "/"),
+						KeyValue.of("status", "200"), KeyValue.of("client.name", "example.org"), KeyValue.of("outcome", "SUCCESS"));
+		assertThat(this.observationConvention.getHighCardinalityKeyValues(context)).contains(KeyValue.of("http.url", "https://example.org"));
+	}
 
 	@Test
 	void addsKeyValuesForRequestWithoutUriTemplate() {
diff --git a/spring-webflux/src/main/java/org/springframework/web/reactive/function/client/DefaultClientRequestObservationConvention.java b/spring-webflux/src/main/java/org/springframework/web/reactive/function/client/DefaultClientRequestObservationConvention.java
index 9a5d913fc8..62f5d1287d 100644
--- a/spring-webflux/src/main/java/org/springframework/web/reactive/function/client/DefaultClientRequestObservationConvention.java
+++ b/spring-webflux/src/main/java/org/springframework/web/reactive/function/client/DefaultClientRequestObservationConvention.java
@@ -43,7 +43,7 @@ public class DefaultClientRequestObservationConvention implements ClientRequestO
 
 	private static final String ROOT_PATH = "/";
 
-	private static final Pattern PATTERN_BEFORE_PATH = Pattern.compile("^https?://[^/]+/?");
+	private static final Pattern PATTERN_BEFORE_PATH = Pattern.compile("^https?://[^/]+");
 
 	private static final KeyValue URI_NONE = KeyValue.of(LowCardinalityKeyNames.URI, KeyValue.NONE_VALUE);
 
diff --git a/spring-webflux/src/test/java/org/springframework/web/reactive/function/client/DefaultClientRequestObservationConventionTests.java b/spring-webflux/src/test/java/org/springframework/web/reactive/function/client/DefaultClientRequestObservationConventionTests.java
index d1becc26e5..86f620ca78 100644
--- a/spring-webflux/src/test/java/org/springframework/web/reactive/function/client/DefaultClientRequestObservationConventionTests.java
+++ b/spring-webflux/src/test/java/org/springframework/web/reactive/function/client/DefaultClientRequestObservationConventionTests.java
@@ -1,5 +1,5 @@
 /*
- * Copyright 2002-2023 the original author or authors.
+ * Copyright 2002-2024 the original author or authors.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -91,6 +91,19 @@ class DefaultClientRequestObservationConventionTests {
 				.contains(KeyValue.of("http.url", "/resource/42"));
 	}
 
+	@Test
+	void shouldAddKeyValuesForRequestWithUriTemplateNoPath() {
+		ClientRequest.Builder request = ClientRequest.create(HttpMethod.GET, URI.create("https://example.org"))
+				.attribute(WebClient.class.getName() + ".uriTemplate", "https://example.org");
+		ClientRequestObservationContext context = createContext(request);
+		context.setUriTemplate("https://example.org");
+		assertThat(this.observationConvention.getLowCardinalityKeyValues(context))
+				.contains(KeyValue.of("exception", "none"), KeyValue.of("method", "GET"), KeyValue.of("uri", "/"),
+						KeyValue.of("status", "200"), KeyValue.of("client.name", "example.org"), KeyValue.of("outcome", "SUCCESS"));
+		assertThat(this.observationConvention.getHighCardinalityKeyValues(context)).hasSize(1)
+				.contains(KeyValue.of("http.url", "https://example.org"));
+	}
+
 	@Test
 	void shouldAddKeyValuesForRequestWithoutUriTemplate() {
 		ClientRequestObservationContext context = createContext(ClientRequest.create(HttpMethod.GET, URI.create("/resource/42")));