Global oil prices declined sharply on Tuesday, reaching their lowest level in nearly 15 weeks despite continued uncertainty surrounding the reopening of the Strait of Hormuz, one of the world’s most important energy transit routes.
Brent crude dropped by almost 2.5 percent during the day to trade slightly above $81 per barrel, extending losses after Monday’s 4.75 percent decline. The latest movement pushed oil prices to their lowest point since early March, although prices remain above the pre-conflict level of $72.48 per barrel recorded before the recent Iran-related tensions intensified.
The decline reflects growing market expectations that oil supply from the Middle East could gradually improve if shipping activity through the Strait of Hormuz resumes.
Investor sentiment was influenced by comments from US President Donald Trump indicating that the strategic waterway could reopen once the United States and Iran conclude an initial memorandum of understanding.
The Strait of Hormuz remains one of the world’s most critical oil transport corridors, making developments around its operations highly influential for global energy markets.
Despite optimism in commodity markets, industry leaders have warned that any return to normal operations may take longer than anticipated.
According to reports, some oil and gas infrastructure would still require reopening procedures and repairs, while tanker movements remain disrupted after weeks of instability.
The chief executive of Mitsui OSK Lines, one of the world’s largest tanker operators, told the Financial Times that shipping companies are unlikely to immediately resume passage through the strait until there is stronger evidence that agreements between Washington and Tehran can hold.
Market analysts also caution that geopolitical risks continue to support oil prices above historical levels.
Kathleen Brooks, Research Director at XTB, noted that shipping operators require more than diplomatic announcements before restoring normal traffic.
According to her assessment, operators want confirmation that maritime routes are secure, hostilities have ended, and navigation risks have been reduced before moving cargo valued at hundreds of millions of dollars through the region.
She added that Brent crude may continue to trade above the $80-per-barrel mark until oil tankers successfully move through the Strait of Hormuz under stable conditions.
For now, oil markets appear to be balancing optimism over possible supply improvements with continued concerns about operational and geopolitical uncertainty across the region.
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