Iran-Oman Talks Boost Hopes for Strait of Hormuz Reopening Amid Crushing US Economic Pressure

Oil prices took a hit on Wednesday as Iran and Oman resumed talks over the Strait of Hormuz, reviving hopes for a potential reopening of the waterway.

The international benchmark Brent crude futures dropped $1.78, or 2%, to $86.8 a barrel by 0027 GMT, while US West Texas Intermediate crude futures fell $1.49, or 1.8%, to $80.87.

The Strait of Hormuz has been largely closed since the US-Israel war on Iran started on February 28, affecting one-fifth of the world's oil and liquefied natural gas (LNG) passage through it.

Iranian officials have reiterated that they are 'fully prepared' to respond to US sanctions targeting Tehran and its allies, accusing Washington of attempting 'economic terrorism.'