Brent crude dropped to $83 per barrel on Monday, down from approximately $88 at the close of the previous week, as global markets continue to digest the fading threat of supply disruptions in the Middle East.
The decline marks a significant step down from the peak levels seen during the height of tensions earlier this year, reflecting a steady normalization of risk sentiment among traders.
The lower benchmark price is already flowing through to retail markets in Scandinavia.
Major fuel chains have responded to the drop in wholesale costs by cutting gasoline prices by 25 øre per liter.
This reduction brings pump prices back to levels comparable to those seen before the escalation of hostilities in Iran, offering relief to consumers and logistics operators who have faced elevated costs for months.
Diesel prices, however, moved in the opposite direction, rising by the same 25 øre increment, likely due to localized supply-demand imbalances in the distillate market.