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Oil drops as Strait reopening eyed
Oil prices declined today, Thursday, amid hopes of a possible reopening of the Strait of Hormuz following progress in negotiations between Iran and Oman. These talks could allow Tehran to control Gulf ships in exchange for concessions, raising concerns among investors about the sustainability of oil flows through the strait. Brent crude fell to $79.08 per barrel, and US WTI crude to $74.69, with expectations that the two sides will reach a final agreement to end the dispute and reopen the strait, despite the United States' opposition to Iran's control over maritime navigation.
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