Oil prices have fallen, with Brent reaching its lowest level since before a conflict began, amid easing concerns about the Strait of Hormuz. The decline in oil prices may be related to increased tanker traffic and a potential ceasefire, although reports about the conflict's status and impact on oil prices are inconsistent. The market appears to be reacting to shifting expectations about the duration and outcome of the conflict, with some outlets suggesting a potential for further declines in oil prices.