Crude oil prices in global markets experienced a notable decline, approaching levels seen prior to the recent escalation in geopolitical tensions. This drop was driven by easing concerns over supply disruptions and the resumption of oil flows through the Strait of Hormuz. Futures contracts for Brent crude and West Texas Intermediate (WTI) recorded a significant decrease, falling to their lowest levels in months. The trading of near-term oil futures at lower prices compared to later months indicates signs of abundant oil supply in the short term, contributing to market stability and the absorption of geopolitical shocks.