Oil Prices Extend Losses Amid Iran-Oman Maritime Corridor Talks

Crude oil prices have continued their decline for a third consecutive session, falling below $81 per barrel on August 26. The drop comes after reports that Iran and Oman are discussing a temporary joint maritime corridor in the Strait of Hormuz.

The discussions aim to ease supply disruption concerns and establish a permanent corridor covering the future administration of the strait, information-sharing arrangements, traffic management, and maritime and security services.

Pakistan's army chief visited Tehran as part of diplomatic efforts, while Qatar said it was continuing its mediation. The US had imposed measures to increase economic pressure on Iran, but stopped short of imposing secondary sanctions on Iran's trading partners.

Brent crude is down around 39% from its 2026 high of $118 per barrel recorded on March 31, reflecting a significant cooling in oil prices after months of elevated volatility.