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Oil prices fell after tankers that had been stranded in the Persian Gulf for months began transiting the Strait of Hormuz, signaling to markets that a prolonged supply disruption may be easing.
Investors moved to price in an improvement to global crude availability, unwinding the gains the market had accumulated during the period of disruption.
What the Strait of Hormuz Is — and Why It Moves Oil Prices The Strait of Hormuz is a narrow waterway connecting the Persian Gulf to the Gulf of Oman and, from there, to global shipping lanes.
A substantial share of the world's seaborne crude oil passes through this chokepoint, which makes it one of the most consequential passages in commodity markets.
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