Global crude oil benchmarks have fallen to their lowest levels since before the outbreak of the Iran war in February, as shipping activity through the Strait of Hormuz rapidly normalizes.
The sell-off, which saw prices drop more than $3 on Wednesday, accelerated on Thursday as stranded tankers began exiting the chokepoint.
The movement of vessels follows an initial accord aimed at ending the transit disruptions that had previously constrained global supply flows.
The repricing reflects a sharp de-escalation in the immediate physical risk to energy trade routes.
With the bottleneck clearing, the market is stripping out the geopolitical premium that had supported higher prices for months.
The decline signals that traders are now pricing in a return to baseline supply conditions, at least in the short term, as the logistical backlog clears.