Hormuz Talks Push Oil Prices Down 9%

Oil prices continued their decline for a third day as Iran and Oman made progress in talks to establish an 'interim framework' aimed at resuming shipping through the Strait of Hormuz.

The Brent crude price traded near $86 per barrel, down almost 9% this week, while West Texas Intermediate was near $80. The discussions between Iranian Foreign Minister Abbas Araghchi and his Omani counterpart Badr Albusaidi focused on a 'temporary joint maritime corridor', according to the Oman News Agency.

Dennis Kissler, senior vice president for trading at BOK Financial Securities Inc., said that crude is now pricing in a sooner rather than later peace deal between Iran and the US. The two sides are more likely to be in a state of de-escalation as both look for an offramp.