Brent crude prices have fallen sharply, returning to levels seen before the recent Middle East conflict escalated.
The decline marks a decisive shift in market sentiment as the Strait of Hormuz, a critical global energy chokepoint, has fully reopened to commercial shipping.
The swift repricing reflects the market’s rapid unwinding of the geopolitical risk premium that had sustained higher valuations during the period of heightened tensions.
Multiple wire services are reporting that the resumption of normal traffic through the strait has alleviated immediate supply fears.
An analyst cited by Le Temps described the market’s reaction as "staggering," noting the speed at which traders have adjusted positions now that the physical threat to oil flows has receded.
While specific volume figures for the reopening vary across sources, the consensus is that the bottleneck has been cleared, allowing Middle Eastern producers to resume standard export schedules.