Oil drops on Strait of Hormuz talks
Oil prices have declined significantly amid expectations of a temporary agreement to resolve the Hormuz Strait crisis. Brent crude fell by 3.6% to $103.75 per barrel, and Texas Intermediate dropped by 3.10% to $99.50, although both remain higher on a weekly basis. Gulf ministers are likely to hold talks with Iran to ensure the continuation of navigation through the strait, taking profits after a sharp rise that approached $110 earlier in the week, amid reduced fears of a sudden and substantial disruption to supply. As tensions persist, the International Energy Agency forecasts a 5.7 million barrel per day decrease in global supply in 2026, along with a decline in inventories.
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