Oil prices experienced a decline, reaching a three-month low, driven by increasing optimism surrounding a potential peace deal between the US and Iran. This optimism centers on the anticipated resumption of shipping traffic through the strategically vital Strait of Hormuz, a key artery for global oil supply. Despite the drop, prices currently remain higher than they were before the recent tensions escalated. Analysts predict a return to normal shipping conditions within the coming weeks, further contributing to the downward pressure on oil prices. The market is reacting to reduced concerns about potential supply disruptions in the region. The extent of the price decrease suggests investor confidence in de-escalation, though ongoing geopolitical factors continue to be monitored.