Iran-Oman Talks Send Crude Oil Prices Plummeting Amid US Strikes

Crude oil prices plummeted on July 30 as reports of Iran-Oman talks over the Strait of Hormuz tempered supply fears. The US launched fresh strikes on Iran in response to attacks on American forces, but investors focused on the potential for a joint management plan between Tehran and Oman.

Brent crude slipped below $90 a barrel after surging 7.9% in the previous session, while WTI crude fell below $83 a barrel, giving up part of its 6.5% gain from the day before.

The proposed joint arrangement would see Iran manage shipping traffic in one direction through the Strait of Hormuz, while Oman oversees transit in the opposite direction. This comes after Iran rejected Oman's earlier plan for 50-50 joint management.