Brent crude futures dropped $4.08, or 4.64%, to $83.85 per barrel, while U.S. West Texas Intermediate (WTI) crude declined $4.01, or 4.74%, to $80.66. The decline followed a strong rally last month, when both benchmarks surged more than 20% as renewed conflict between the United States and Iran, along with attacks on oil tankers near Oman, heightened fears of supply disruptions. The remarks boosted investor optimism that geopolitical risks affecting global oil supplies could begin to ease. Two Saudi oil tankers successfully passed through the Bab el-Mandeb Strait over the weekend, while vessel traffic through the Strait of Hormuz slowed after reports of additional tanker attacks. The United Kingdom Maritime Trade Operations said three more tanker attacks had been reported since Saturday, underscoring ongoing security concerns in the region.