Oil prices keep dropping as Oman rules out Strait of Hormuz "transit fees"

Oil prices are on a downward trend as geopolitical tensions ease, with Oman announcing it won't impose "transit fees" in the Strait of Hormuz. This move comes amid a stable U.S.-Iran agreement, reducing fears of disruptions in one of the world's most critical oil transport routes. The decision underscores the importance of the Strait of Hormuz for global oil supply, and its stability is crucial for maintaining low prices and economic stability worldwide. The implications extend beyond immediate price drops, influencing long-term energy policies and market confidence.