Brent crude fell below US$75 a barrel on Wednesday, marking the first time the benchmark has traded under that level since the outbreak of the Iran war.
The decline reflects a rapid unwinding of the geopolitical risk premium that had propped up energy markets in recent weeks.
US crude also softened, dipping below US$74 a barrel as the broader complex absorbed the de-escalation.
The price correction comes as traders digest the implications of a 60-day pause on sanctions against Iran.
The temporary reprieve has eased immediate fears of a sudden, large-scale supply disruption, allowing markets to reprice the probability of a prolonged export blockade.
US crude also softened, dipping below US$74 a barrel as the broader complex absorbed the de-escalation.
While the headline price drop is significant, the transmission to local pump prices in import-dependent markets like Jamaica may lag.