International oil prices experienced a significant drop for the second consecutive day, falling by 5%, driven by growing expectations of progress in negotiations between the United States and Iran. The discussions center around shipping passage through the crucial Strait of Hormuz. Reports indicate a potential breakthrough in resolving tensions regarding safe passage in the strategically important waterway. This positive development eased concerns about potential supply disruptions which had previously been pushing prices higher. Brent crude oil saw a particularly sharp decline, reflecting market optimism. Analysts suggest continued negotiation progress will likely further suppress oil prices, and the market’s reaction demonstrates sensitivity to geopolitical factors affecting supply. The price decrease offers potential relief for consumers facing high energy costs.