Global oil prices dipped by over 1% on Tuesday, continuing a downward trend sparked by signs of de-escalation between the U.S. and Iran. Both Brent crude and West Texas Intermediate futures saw declines as the market reacted to the resumption of oil tanker traffic through the Strait of Hormuz. Following recent peace talks and a 60-day sanctions waiver granted by the U.S., shipping data confirmed that nearly 2 million barrels of oil successfully transited the waterway on Monday, signaling a return to more stable supply routes.

While the increased transit volume suggests diplomatic progress, analysts remain cautious about a full market recovery. Market sentiment is being weighed down by a lingering sense of skepticism regarding the durability of the current peace accord, especially given the historical friction between Washington and Tehran. Although some expect a potential rebound due to shrinking U.S. crude inventories, the prevailing mood remains bearish, with experts noting that a complete return to pre-conflict pricing will likely be a slow and uncertain process.