Oil declines 2% as Iran, Oman discuss Strait
The Strait of Hormuz crisis and developments in talks between Iran and Oman have led to a decline in oil prices. Brent crude fell by 2% to $86.80 per barrel, while West Texas Intermediate dropped to $80.87. This came amid hints of a possible reopening of the strait and a reduction in regional tensions. The situation is unfolding alongside discussions on jointly managing the waterway and Iran's resumption of negotiations with Oman, despite ongoing tensions with the United States, which has prepared to bring back some of its diplomatic staff. Data from the Petroleum Institute showed U.S. oil inventories rising more than expected, adding to market uncertainties.
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