Global crude oil prices declined on Tuesday after an unprecedented volume of oil flowed through the Strait of Hormuz, easing earlier fears of supply disruptions from the Middle East.

United States President Donald Trump said about 19 million barrels of crude moved through the strategic waterway in a single day, describing it as the highest level ever recorded. He added that the strong flow helped push oil prices lower and contributed to improved global market stability.

Following the development, Brent crude eased to around $76.75 per barrel, down from about $77 the previous day. The benchmark had earlier climbed above $82 per barrel over the weekend amid rising geopolitical tensions involving the United States and Iran.

Market sentiment improved after US Vice President JD Vance confirmed progress in diplomatic discussions with Iran and said shipping through the Strait of Hormuz remained uninterrupted, reducing fears of a potential supply shock.

Additional support for market stability came after US and Iranian officials held talks in Switzerland, following an agreement to extend a fragile ceasefire arrangement for at least 60 days.

In a related move, the US Treasury approved a temporary licence allowing the sale of Iranian crude oil and petrochemical products until late August, a step expected to boost global supply.

US Secretary of State Marco Rubio also met Gulf state officials in Abu Dhabi to reassure allies of continued American commitment to regional security and free movement of energy shipments through the Strait.

Rubio emphasized that the Strait of Hormuz is an international shipping route and said no country has the right to impose transit fees or restrictions, stressing Washington’s commitment to freedom of navigation.

The Strait of Hormuz remains one of the world’s most critical oil transit points, handling a significant share of global crude shipments, making it a key driver of international energy prices.