Global crude oil benchmarks fell sharply on Thursday as stranded tankers began exiting the Strait of Hormuz, easing immediate supply concerns that had driven prices higher in recent weeks.
Brent crude declined by more than US$3, while West Texas Intermediate (WTI) settled down nearly US$3, marking a significant reversal in the risk premium associated with the chokepoint.
The price action reflects growing market confidence that shipping traffic through the strategic waterway is stabilizing.
The movement of vessels follows an initial accord aimed at de-escalating tensions in the region, allowing previously detained or delayed ships to resume their voyages.
This operational normalization has directly impacted the supply narrative, reducing the fear of a prolonged disruption to global energy flows.
Brent and WTI are now trading closer to pre-war levels, a stark contrast to the volatility seen earlier in the cluster.