Brent crude and U.S. oil prices fell sharply as supply-disruption fears eased, with Brent’s August futures down 1.7% to $75.79 on Wednesday and later reports citing Brent at $72.06, below the pre-war settlement of $72.48, while WTI traded or closed around $71.92-$71.98. The pullback was linked to the reopening and normalization of traffic through the Strait of Hormuz and to U.S.-Iran talks or an agreement cited by reports, which helped unwind the market’s conflict-related risk premium. Brent’s front-month spread moved into contango for the first time since February, signaling expectations of relatively ample supply. Analysts cautioned that the drop may be fragile because inventories remain thin, including 19 million barrels at Cushing, and Mizuho said oil could return to the $80 range in coming weeks. U.S. Treasury yields also eased as lower energy prices reduced inflation concerns ahead of the Federal Reserve’s preferred May PCE inflation report.