On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude oil futures fell by 5.28% to close at $93.50 a barrel, marking the first decline in four days. This drop was attributed to news that some tanker navigation in the strategically important Strait of Hormuz had resumed, easing concerns over oil supply disruptions. The U.S. government has reportedly accepted this development, which contributed to a reduction in market anxiety regarding energy supplies.

U.S. Treasury Secretary Janet Yellen commented in a CNBC interview that Iranian vessels have begun operating in the Strait of Hormuz, and confirmed that fuel transport ships bound for India and China have also set sail. Her remarks suggest a significant shift towards normalization of oil transport routes in the region, which could have broader implications for global oil markets that have been grappling with supply volatility due to geopolitical tensions.

This development has led to optimism among market participants, prompting increased selling activities as fears of energy shortages recede. Given that the Strait of Hormuz is a critical chokepoint for global oil supply, the resumption of tanker operations there could stabilize prices and enhance the availability of crude oil worldwide, aligning with U.S. interests in maintaining a well-supplied global market.