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Oil drops 3% to two-week lows
Oil prices declined by more than two dollars per barrel, marking their lowest levels in over two weeks, following positive developments in talks between Iran and Oman regarding the management of the Strait of Hormuz and the potential announcement of a temporary shipping corridor. These developments helped ease geopolitical concerns and narrow the high spreads, leading to a decrease in Brent futures to $85.85 and West Texas Intermediate to $80.15. These changes come amid discussions concerning joint arrangements to facilitate the passage of oil tankers through the strait, which has experienced a halt in most supplies since the escalation of the conflict in the region.
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