Oil prices dropped for a fourth consecutive day as supply concerns eased. Improving flows through the Strait of Hormuz and prospects for renewed diplomacy over the Iran conflict helped calm immediate supply worries. Traders had grown cautious amid heightened geopolitical tensions, but the latest developments suggested a potential de-escalation.

The sustained decline reflected shifting sentiment in global energy markets, with investors reassessing risk premiums tied to Middle East disruptions. Analysts noted that while the near-term outlook improved, underlying volatility remained tied to broader diplomatic developments.