Commodities
Oil Prices Fall Amid Oman-Iran Talks on Critical Shipping Lane
Oil prices declined on Tuesday after reaching a more-than-one-week high due to signs of progress in talks between Oman and Iran regarding shipping through the Strait of Hormuz.
The Brent crude futures fell by $0.50, or 0.57%, to $87.22 a barrel by 13:17 GMT, while U.S. West Texas Intermediate (WTI) crude futures declined by $0.36, or 0.44%, to $81.77 a barrel.
The Strait of Hormuz is a critical shipping lane for oil exports from the Middle East, and disruptions to this supply chain have contributed to higher oil prices in recent months.
A spokesperson for Qatar's Foreign Ministry stated that talks between Oman and Iran are currently at an advanced stage, but there has been no significant progress reported yet.