Brent crude futures for September 2026 delivery tumbled 6.32% to $82.40 a barrel on Monday, breaking below the $83 threshold for the first time since July 17.
The sharp decline marks a significant acceleration in the sell-off that has plagued the energy complex over the past week.
Previous reports indicated the benchmark had already touched $75 a barrel on Wednesday, driven by the rapid resumption of shipping activity through the Strait of Hormuz.
The move reflects a rapid unwinding of the geopolitical risk premium that had propped up prices following the outbreak of conflict in Iran.
According to TASS, trade data showed the benchmark sliding sharply in London trading, with the price action underscoring a swift shift in market sentiment as supply disruption fears recede.
This latest drop extends a broader downtrend that saw Brent fall to its lowest level since the war began earlier this month.
Previous reports indicated the benchmark had already touched $75 a barrel on Wednesday, driven by the rapid resumption of shipping activity through the Strait of Hormuz.