Oil prices decline on Hormuz talks

Oil prices dropped by more than two dollars per barrel after discussions between Iran and Oman renewed hopes of reopening the Strait of Hormuz and easing navigational restrictions. This led to a decrease in Brent crude futures to $86.28 and West Texas Intermediate to $80.29. Meanwhile, a proposal is being discussed to establish a temporary waterway that would be cleared of mines, amid very low traffic in the strait. Additionally, U.S. oil inventories increased by approximately 4.2 million barrels last week, according to the American Petroleum Institute.