Brent crude oil fell below $76 a barrel on Wednesday, the lowest level since early March, as increasing tanker traffic through the Strait of Hormuz and progressing US-Iran peace talks boosted market confidence. Shipowners are openly transiting the waterway with active satellite signals following safety guarantees from the International Maritime Organization. Reflecting this revitalized flow, the International Energy Agency estimates the United Arab Emirates is exporting oil at nearly 85% of pre-war levels, selling roughly 60 million barrels from the Persian Gulf recently. Consequently, oil prices have collapsed about 40% from their wartime peak. However, some domestic tightness persists, with the American Petroleum Institute reporting that Cushing crude inventories fell by 1 million barrels, potentially dipping below critical minimum operating levels.