Crude oil prices (Brent and WTI) fell 2–4% on 25 August following diplomatic progress between Iran and Oman on establishing a temporary joint shipping corridor and clearing explosives in the Strait of Hormuz. U.S. political pressure—reflected in declining approval for military escalation ahead of November midterm elections—reduced near-term conflict risk. However, the passage remains high-risk; a tanker was recently attacked off Oman's coast, underlining ongoing geopolitical threats to energy transport routes.