Oil Drops 1% on Reports Iran May Reopen Strait of Hormuz

Oil prices fell about 1% following unconfirmed reports that Iran may reopen the Strait of Hormuz, a critical chokepoint for global crude shipments. The closure, if it occurred, would have been a major supply disruption; a reopening would ease supply fears. The claim is emerging and unverified, with market reaction reflecting tentative optimism.