Brent fell below $77 per barrel on Wednesday, moving closer to levels seen before the Middle East conflict began as a growing number of tankers resumed transit through the Strait of Hormuz amid advances in US-Iran peace negotiations. The International Maritime Organization said it had received security assurances that could enable hundreds of vessels to leave the Persian Gulf via Hormuz, as efforts continue to evacuate thousands of seafarers. The IEA also reported that UAE oil exports in early June rebounded to nearly 85% of pre-conflict levels, supported by the use of pipelines, storage facilities, and alternative shipping routes. Adding to supply expectations, a new 60-day US waiver allows global buyers, including US refiners, to purchase Iranian crude and refined products. Meanwhile, Iran and Oman announced the start of discussions on a joint framework for managing Hormuz transit, including fee structures, raising concerns that Tehran could impose passage charges.