Iran-Oman Talks Fail to Boost Crude Prices as Global Markets Remain Volatile

Global crude oil prices declined on Wednesday as investors assessed talks between Iran and Oman over the Strait of Hormuz. Brent crude futures lost $0.74 or 0.84% to settle at $87.84 a barrel, while West Texas Intermediate (WTI) crude futures fell by $0.13 or 0.16% to $82.23 per barrel.

The talks between Iran and Oman focused on sharing the waterway's revenues and establishing a joint temporary navigational corridor through the strait. Iran warned that the Strait of Hormuz would remain closed unless the US ends its war in the region, casting doubt on the potential impact of a credible agreement to rapidly restore traffic.

Meanwhile, crude oil inventories in the US rose by 100,000 barrels during the week ending August 21, according to data from the US Energy Information Administration (EIA). This increase brings commercial stockpiles to 428.9 million barrels, the world's largest oil producer.