Iran-Oman Talks Spark Oil Price Slide

US oil prices fell on Wednesday, extending losses from the previous session, as hopes for renewed talks between Iran and Oman to manage the strategic Strait of Hormuz kept markets optimistic.

The US West Texas Intermediate crude futures contract dropped $1.37, or 1.7%, to $80.99 by 2240 GMT, after losing 3.1% on Tuesday and settling at its lowest since August 13.

Iran has restarted talks with Oman about controlling traffic through the Strait, which handled one-fifth of global oil and liquefied natural gas shipments before the war began in February.