🔺 Oil prices fell as talks resumed over the Strait of Hormuz

🔺 Oil prices fell as talks resumed over the Strait of Hormuz

▪ Oil prices fell on Wednesday for the third consecutive day after the Islamic Republic said it had resumed its talks with Oman regarding the management of the Strait of Hormuz.

▪ Brent futures fell by more than 2% and reached $86.41 per barrel. The drop came amid expectations of more supply through a strait that, before the war, carried one-fifth of the world’s traded oil.

▪ Analysts said: “Although there was no real progress or details of an agreement between Iran and Oman, since Iran reiterated that Hormuz would remain closed until its conditions were met, price behavior showed that markets are quickly pricing in optimism about the temporary announcement.”