Brent crude fell nearly 9% as geopolitical tensions appeared to cool, with the United States pausing strikes on Iran. The move reduced immediate fears of a wider disruption to oil flows and triggered a sharp selloff in crude prices.
The decline was also driven by signs of improving supply. Tankers were reported to be loading again at a Kazakh export terminal that had recently faced disruption, helping calm concerns about shortages in the market.
Together, those developments eased one of the main forces that had been supporting oil: the risk of tighter supply linked to conflict and export interruptions. As that pressure faded, traders pushed prices lower in what was described as the steepest drop in more than three months.
The move highlights how quickly oil can react when diplomatic signals improve and physical exports recover. With worries over Iran and Kazakh shipments both softening, the market shifted away from scarcity concerns and toward a looser near-term supply outlook.
