International oil prices have fallen following the gradual reopening of the Strait of Hormuz, a critical global shipping lane for crude oil. Brent crude decreased from approximately $80 a barrel, seen during heightened tensions in the Middle East, to around $72.50. This price reduction is directly linked to the resumption of oil tanker traffic through the Strait after a US-mediated ceasefire between Iran and Israel. Concerns over a potential blockade had previously driven prices up due to fears of supply disruption; the Strait handles roughly 20% of global oil consumption. Dozens of previously stalled vessels have resumed journeys, increasing oil supply and easing scarcity concerns. While supply has increased, global demand, particularly from China, remains moderate, further contributing to the price decline. Analysts believe the market has largely removed the “risk premium” associated with the recent conflict, returning prices to pre-escalation levels.