Brent crude futures fell 45 cents to $77.45 a barrel on Tuesday, while West Texas Intermediate declined 34 cents to $73.52.
The sell-off followed claims by US President Donald Trump that 19 million barrels of oil flowed through the Strait of Hormuz on Monday, a figure he described as an all-time record.
Trump stated that oil prices are "tumbling down" and that the world is a "much safer place," linking the reported surge in tanker traffic to a broader de-escalation of geopolitical risk.
The comments come as markets digest signs that shipping disruptions in the critical chokepoint are subsiding.
The Strait of Hormuz remains a vital artery for global energy supplies, and any normalization of traffic flow directly impacts the risk premium embedded in crude valuations.
Recent reports indicated that Oman had opened a temporary shipping corridor to ease transit risks, further supporting the narrative of stabilizing supply lines.