Crude oil prices have fallen to their lowest point since the outbreak of the Iran war, driven by confirmation that maritime traffic is resuming through the Strait of Hormuz.
The International Maritime Organization (IMO), the UN agency responsible for shipping safety, announced that vessels are once again transiting the critical waterway under a newly established security scheme.
The development marks a tangible de-escalation in the shipping risks that have plagued global energy markets.
The Strait of Hormuz, through which roughly a fifth of the world's oil supply passes, had been a focal point of tension and disruption.
The IMO's statement provides the operational clarity that markets have been waiting for, signaling that the physical threat to tanker routes is receding.
This news follows a preliminary peace agreement between the United States and Iran, which had already begun to ease investor anxiety.