Brent crude fell approximately 3% on Friday, putting the benchmark on track for significant weekly losses as the immediate threat to global energy flows appears to be receding.
The price decline reflects a rapid shift in market sentiment as more oil tankers successfully exited the Strait of Hormuz, alleviating fears of a prolonged supply disruption.
The easing of shipping constraints has outweighed concerns following an incident on Thursday in which a cargo vessel was hit near Oman.
While the attack underscores the persistent security risks in the region, the broader trend of vessels clearing the chokepoint has signaled to traders that the acute phase of the transit crisis may be passing.
This development marks a notable reversal from earlier in the week, when benchmarks were trading at elevated levels due to fears of sustained blockage.
The retreat of crude prices toward pre-conflict levels suggests that the market is quickly repricing the probability of a severe supply shock.