Oil prices fall after Hormuz talks
Oil prices fell by more than two dollars per barrel after negotiations between Iran and Oman renewed hopes of reopening the Strait of Hormuz and easing navigation and energy supply restrictions in the region. Brent crude dropped by 2.6% to reach $86.28, and West Texas Intermediate declined by 2.53% to $80.29, amid a slowdown in shipping traffic through the strait, which fell to its lowest levels. Additionally, the increase in U.S. oil inventories by 4.2 million barrels last week put further downward pressure on prices.
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