Oil Prices Plummet 2% as Hormuz Hopes Rise

Crude oil prices fell by around 2% on August 26 due to hopes of a possible reopening of the Strait of Hormuz following renewed talks between Iran and Oman.

The Strait, a strategic waterway through which a significant portion of global oil supplies are transported, has been a point of contention in the ongoing Middle East tensions.

Oil prices had already dropped by over 3% on Tuesday, with Brent crude futures falling to $86.80 a barrel and U.S. West Texas Intermediate crude futures dropping to $80.87.

Meanwhile, gold prices remained largely steady near $4,654 an ounce as investors awaited key U.S. inflation data for clues on the Federal Reserve's interest-rate path.