The falling oil prices are influenced by the optimistic sentiment regarding activities in the Strait of Hormuz.

The price of oil has fallen as there are signs that shipping activities through the Strait of Hormuz are gradually resuming and international institutions report an improvement in security conditions. Analysts at Mitsubishi UFJ stated, "Although negotiations are still complex and doubts remain about the future governance of the Strait of Hormuz, the market is increasingly expecting energy supplies from the Middle East to gradually return to normal." The exemption of sanctions on Iran's oil sales by the United States has also boosted market sentiment, increasing expectations for a significant increase in crude oil supply from the region. In early European trading, Brent crude fell by 1.1% to $75.93 per barrel, and West Texas Intermediate futures fell by 1.3% to $72.31 per barrel.