Brent crude hits pre-Iran war low as tankers flee Strait of Hormuz

Brent crude futures settled at their lowest level since before the Iran conflict erupted, as traders began pricing in signs of de-escalation and a partial resumption of shipping through the Strait of Hormuz. A notable number of tankers that had previously avoided this critical chokepoint are now returning to normal routes, easing fears of major supply disruptions in global oil markets. Additional downward pressure came from expectations that some OPEC+ members may increase output. For investors in Kazakh assets, the development carries direct relevance: oil prices heavily influence budget revenues and the tenge exchange rate. Analysts caution that if the downward trend continues, energy sector equities could face additional short-term selling pressure.