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Global oil prices saw a slight decline on Monday as investors reacted to reports of several tankers successfully navigating the Strait of Hormuz.
Despite the ongoing closure of the critical waterway by Iran, the passage of a Turkish-owned crude carrier and an Indian-flagged gas tanker provided a small measure of relief to a volatile market.
Analysts noted that while these movements do not signal a return to normal commercial traffic, they represent a tentative step toward restoring some shipping volumes during the holiday trading period.
The benchmark Brent crude dropped 0.8% to $108.20 per barrel, while West Texas Intermediate fell 1.4% to $110.01.
These prices remain significantly higher than pre-war levels of approximately $60, following the start of U.S. and Israeli strikes on Iran in late February.
The recent successful transits included the Ocean Thunder, which carried Iraqi crude toward Malaysia, and two other vessels that exited the strait over the weekend without incident.
However, the outlook remains tense as Iran’s Revolutionary Guards announced they are finalising new, restrictive operating conditions for the strait.
Military officials warned that the waterway would “never return to its former status,” specifically targeting U.S. and Israeli interests.
While the recent maritime activity offered a brief reprieve for energy markets, the threat of permanent structural changes to one of the world’s most vital oil transit points continues to loom over global supply chains.
