Brent crude futures for August delivery fell 40 cents, or 0.54%, to $73.34 a barrel as global oil benchmarks extended their decline.
The sell-off reflects growing market confidence that shipping traffic through the Strait of Hormuz is stabilizing after a period of severe disruption.
The price movement coincides with reports that stranded tankers have begun exiting the Strait.
This operational shift follows an initial accord aimed at ending the transit blockage, signaling a tangible de-escalation in the physical supply chain risks that had previously propped up energy prices.
Markets are repricing the geopolitical premium that had accumulated over recent weeks.
With vessels moving again, the immediate threat of a supply bottleneck in one of the world’s most critical energy chokepoints has diminished, allowing prices to drift closer to pre-war levels.