Oil prices continued to fall Thursday, nearing levels seen before the recent conflict, as tankers began to move through the Strait of Hormuz. This decline follows a preliminary agreement to end the war between the US, Israel and Iran. The resumption of tanker traffic through the vital waterway has alleviated fears of potential supply disruptions. The Strait of Hormuz is a crucial chokepoint for global oil shipments, and its closure had previously driven up prices due to anxieties about constricted supply. Market analysts suggest the initial peace accord is the primary driver of the price decrease. Further price movements will likely depend on the full details and lasting stability of the agreement. The easing of geopolitical tensions is providing relief to energy markets worldwide.