West Texas Intermediate (WTI) crude oil prices experienced a significant drop, falling 3.9% to close at $70.34 per barrel. This decline is directly linked to the improving situation regarding maritime traffic in the Strait of Hormuz. Recent diplomatic progress between the United States and Iran has contributed to the easing of tensions in the crucial shipping lane. Concerns over potential disruptions to oil supply through the Strait, a vital artery for global energy markets, have diminished. The price decrease reflects a reduced risk premium associated with geopolitical instability in the region. Analysts suggest the market is reacting to the increased likelihood of continued oil flow. This price shift could impact fuel costs and broader economic forecasts.