Oil prices are dropping significantly as tankers resume passage through the Strait of Hormuz following a preliminary peace accord between the US, Israel, and Iran. This easing of supply concerns has pushed prices towards pre-war levels.
The resumption comes after the accord, which has reduced concerns over supply disruptions in the key waterway.
Analysts have expressed surprise at how quickly prices have moved back toward pre-war levels. Ongoing demining efforts have not halted the flow of oil.
Nations are coordinating to ensure smooth departures from the area. They are also discussing the strait's future management.
