Oil prices fell to their lowest levels since the start of the US-Iran conflict, as investors grew increasingly confident that crude flows through the Strait of Hormuz would continue to normalize amid progress in peace negotiations.
Brent crude slipped to an intraday low of $75.44 per barrel on Wednesday, below the previous post-war low of $75.75 (recorded on March 3, 2026), while US benchmark West Texas Intermediate traded near $71 a barrel. Both contracts had already fallen around 1% in the previous session and are now hovering near four-month lows.
Crude prices have been under pressure this week after the United States granted Iran a 60-day sanctions waiver following initial peace talks, raising hopes of a broader de-escalation in the region. Further easing market concerns, Oman and Iran agreed to continue discussions on the future administration of navigation through the Strait of Hormuz, one of the world's most important energy chokepoints.
The decline has also been driven by signs that shipping activity is gradually returning to normal. More oil tankers have resumed openly transiting through Hormuz, easing fears of prolonged supply disruptions.
The waterway, which handles roughly 20% of global oil and LNG trade, had been largely disrupted during the conflict. According to the International Energy Agency, more than 14 million barrels per day of oil production, equivalent to around 14% of global demand, was shut in at the peak of the crisis.
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