Oil Prices Drop as Pakistan Says Oman-Iran Talks Advance

Pakistan's defense minister said talks between Oman and Iran have reached an advanced stage, potentially easing tensions in the region.

The comments sparked profit-taking in oil markets, with Brent crude falling to $87.62 a barrel after earlier rising to $90.

This whipsawing is due in part to concerns about global supplies, as prices have surged since the Russia-Ukraine war began and tensions between Iran and the US escalated.

The Middle East conflict has also spread to the Red Sea, where Iran-backed Houthi militants are threatening a shipping route crucial for Saudi Arabia's exports.