WTI crude oil fell below $80 per barrel on [date] as hopes grew that the Strait of Hormuz, a vital oil-shipping chokepoint, could return to normal shipping and that US-Iran tensions might de-escalate. The move suggests traders are assigning a lower probability to a prolonged conflict that could restrict tanker movements, reducing the risk premium embedded in oil prices. The strait carries about 20% of global oil consumption, making any disruption significant for energy markets, especially Asian economies reliant on Middle Eastern crude. A sustained decline could ease fuel and energy costs for consumers and businesses, although pump prices may respond with a delay. Analysts caution that setbacks in negotiations could quickly reverse the move. Investors are watching for statements from US and Iranian officials, concrete steps toward reopening the strait, and OPEC+ discussions on production levels.