Brent and WTI crude prices fell on progress signals around opening the Hormuz Strait, with Iran and Oman discussing temporary shipping routes. However, only 5 vessels transited the strait on Tuesday versus a 10-day average of 15, indicating shipping remains significantly constrained. For Thai SMEs, lower oil prices reduce input costs but the volatile geopolitical backdrop—including Ukraine conflict impacts on Russian refining—suggests continued energy price uncertainty that could affect supply chains and logistics.