Crude oil fell below $73 per barrel on Thursday, retreating after a 4.4% surge in the previous session—its biggest one-day gain since May—as investors reassessed the implications of renewed US–Iran tensions for Middle Eastern supply. The latest escalation, including additional US strikes on Iran and retaliatory attacks on US bases in the region, has once again placed the Strait of Hormuz at the center of energy market concerns. However, the extent of any disruption to oil flows remains uncertain. Vessel-tracking data indicated a decline in transits through the strait, with most visible traffic following routes approved by Iran, while activity along the US-backed Omani corridor was limited. Traders also pointed out that significant volumes of crude were still moving through Hormuz before the ceasefire, with some shipments only appearing in tracking data days later due to weak or disabled transponders.