For months, the Strait of Hormuz has been the tense epicenter of global energy anxiety. Crude Oil Prices TumbleThe energy market’s reaction to the diplomatic breakthrough was swift. Brent crude, the global oil benchmark, plummeted by nearly 5% to drop below $80 per barrel, reaching its lowest level in several weeks. This sharp decline unwound much of the war premium that had driven oil prices above $100 per barrel during peak tensions in July. While diplomatic negotiations remain delicate, the willingness of both sides to pursue a deal has temporarily pulled global energy markets back from the brink.