Oil Tumbles Again as Iran and Oman Strike Hormuz Deal Talks - How Low Can It Go?
TLDR
- Brent crude fell 2.6% to $86.30 and WTI dropped 2.7% to $80.18 on Wednesday
- Iran and Oman restarted talks on a joint temporary navigation corridor through the Strait of Hormuz
- Pakistan reports progress in broader peace mediation between the U.S. and Iran
- Only 5 commodity ships transited the strait on Tuesday, far below the pre-war average of 15
- U.S. crude inventories rose by 4.2 million barrels, well above analyst estimates of 600,000 barrels
Oil prices slid more than 2% on Wednesday as renewed diplomacy around the Strait of Hormuz pushed traders to price out some supply risk from the market.
Brent crude futures dropped 2.6% to $86.30 a barrel. U.S. West Texas Intermediate fell 2.7% to $80.18. Both benchmarks had already fallen more than 3% on Tuesday.
Iran and Oman Discuss Temporary Navigation Route
Iran and Oman confirmed they held talks in Tehran about creating a joint temporary navigation corridor through the Strait of Hormuz. The two countries also agreed to work on clearing mines from the waterway.
… Continue reading the full article at the original source below.
This content is automatically aggregated. Full credit goes to the original publisher (coincentral.com).
