Oil prices fell to their lowest level since the US-Israel war with Iran, as growing signs of a tentative return to normality through the Strait of Hormuz soothed markets.

Buyers are “suddenly awash with supply,” Bloomberg said. Growing numbers of ships — many of which had gone dark in order to quietly traverse the strait — are now navigating the waterway with their transponders on, and maritime insurers are slashing their rates, as confidence builds after last week’s interim truce between Washington and Tehran.

Still, weeks of disruption are likely to leave their mark, Goldman Sachs economists warned: Stocks of refined products are lower than their recent average, with gasoline in particularly short supply.