Oil dips ahead of Iran and Oman talks
Oil prices declined after fluctuating throughout the day, as investors awaited talks between Iran and Oman regarding the Strait of Hormuz, along with diplomatic efforts aimed at reducing tensions in the region. Brent crude dropped by 74 cents to $87.84 per barrel, while West Texas Intermediate declined by 13 cents to $82.23. U.S. Energy Information Administration data showed that oil inventories increased by only 95,000 barrels, well below the forecasted 597,000-barrel rise, indicating a market improvement. Experts expect that negotiations between Iran and Oman could help restore navigation through the Strait of Hormuz and reduce geopolitical risks, as Iran reported an agreement with Oman on a revenue-sharing mechanism for the strait, which may help ease tensions and strengthen regional control.
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