Oil benchmarks fell by roughly five percent after the United States and Iran refrained from new attacks for a second day, reversing part of July's surge without restoring normal tanker traffic.

Brent and U.S. crude fell sharply in early trading, but shipping through Hormuz remained restricted and gasoline stayed well above last year's level.

September Brent crude fell 4.9 percent to $92.02 shortly after Sunday trading resumed, following a 3.9 percent decline on Friday.

Benchmark U.S. oil for September delivery fell 5.6 percent to $84.34 after dropping 3.1 percent Friday.

The more actively traded October Brent contract fell 4.6 percent to $87.48, while Monday Asian trading later pushed crude lower as markets reacted to the pause.

Brent had briefly exceeded $102 a barrel during the preceding week, about $30 above the most active contract's price early in July.

Commercial tanker traffic through the Strait of Hormuz remained heavily restricted despite the absence of newly confirmed attacks.

AAA reported a U.S. average regular-gasoline price of $4.11 a gallon Sunday, compared with $3.90 a month earlier and $3.15 a year earlier.

About one-fifth of globally traded oil normally leaves the Persian Gulf through the Strait of Hormuz.

Alternative routes were also under pressure after attacks struck Saudi tankers using the Red Sea.

Oil contracts price expected future delivery, so rapid changes can reflect shifting risk assumptions before physical flows recover.

The evidence supports a bounded conclusion: Oil benchmarks fell by roughly five percent after the United States and Iran refrained from new attacks for a second day, reversing part of July's surge without restoring normal tanker traffic. It does not resolve the remaining uncertainty because Prices were observed during early trading and could reverse as military, diplomatic or shipping information changes. The factual horizon is therefore defined by Whether Brent holds below its recent two-month high and Whether tanker traffic and insurance terms improve alongside the pause.

The current reporting limit is specific: Prices were observed during early trading and could reverse as military, diplomatic or shipping information changes.

The next verifiable developments are Whether Brent holds below its recent two-month high and Whether tanker traffic and insurance terms improve alongside the pause.