Crude oil benchmarks extended their decline on Wednesday, with prices hovering near four-month lows established in the previous session.
The sell-off reflects growing market confidence that shipping traffic through the Strait of Hormuz is stabilizing, reducing the immediate risk of supply bottlenecks.
Brent crude fell sharply, continuing a week-long downtrend as traders digested signs that more oil tankers stranded in the Gulf since the start of the Iran war are set to resume transit.
The easing of logistical constraints has prompted a repricing of the geopolitical risk premium that had supported higher prices in recent weeks.
The development marks a shift in market sentiment from acute disruption fears to a more normalized view of Gulf exports.
As the backlog of vessels clears, the threat of sudden supply shocks diminishes, allowing buyers to reassess their exposure to Iranian crude flows.