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Oil drops amid Iran talks
Oil prices retreated after a mixed session amid anticipation of talks between Iran and Oman regarding the Strait of Hormuz, through which about a fifth of the world's oil supplies pass before the outbreak of the Iranian war in February. U.S. oil inventories increased by less than expected, rising by 95,000 barrels to 428.9 million barrels for the week ending August 21, reflecting a market trend toward reducing geopolitical risks. Iranian and Omani sources confirmed their negotiations on an agreement concerning the waterway, as Iran tries to quickly resume navigation through the strait. This has impacted oil prices, which declined by 0.84% for Brent crude and 0.16% for West Texas Intermediate.
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