Oil prices have fallen to a 3-month low, with some reports citing a 5% decrease, amid hopes that the Strait of Hormuz will open. The situation with the strait and its impact on oil prices appears to be evolving, with some outlets reporting that shipping is slowly recovering and oil is moving through the strait, while others suggest that higher prices may persist even if the strait reopens. The overall outlook for oil prices remains uncertain, with some predicting further fluctuations.