The drop in oil prices could provide temporary relief to global markets and consumers, particularly in regions heavily reliant on oil imports. However, the situation remains volatile, with ongoing security risks in the Gulf and uncertainty surrounding the success of U.S.-Iran negotiations. Recent attacks on oil tankers near Oman and the Strait of Hormuz have heightened concerns about the safety of key shipping routes. Additionally, Iran's control over the Strait of Hormuz, a critical chokepoint for global oil supply, continues to pose a significant geopolitical risk.