Oil Prices Fall Nearly 6 Percent After Two Supertankers Cross Strait of Hormuz

Brent crude fell nearly 6 percent to about $105 a barrel after two supertankers bound for China crossed the Strait of Hormuz. The passage of the vessels prompted traders to anticipate a possible return of normal energy flows through the waterway.

Oil prices had risen sharply in recent sessions on concerns over supply disruptions. The decline reversed part of those gains. Traders monitored the route closely because the strait handles a large share of global oil shipments.

The two Asia-bound tankers completed the transit without reported incidents. Market participants viewed the crossings as a sign that commercial traffic could continue. Further vessel movements through the area are expected in the coming days.