After months of relentless volatility triggered by Iran's closure of the Strait of Hormuz, the world's most critical oil transit chokepoint that carries around 20% of global crude supplies, and extensive damage to oil and gas infrastructure during the U.S.-Israel-Iran war, oil markets are finally showing signs of normalisation.
In a major relief for oil-importing nations such as India, crude prices have tumbled 42% from their April peak as tanker traffic gradually returns to pre-war levels through the Strait of Hormuz following an interim peace agreement between the United States and Iran. The resumption of flows has eased fears of prolonged supply disruptions, dragging oil prices sharply lower.
