Oil Prices Plummet Below $87 Amid Iran-Oman Shipping Talks

Oil prices continued their decline for the third consecutive day as Iran and Oman engaged in discussions over an 'interim framework' to facilitate shipping through the Strait of Hormuz.

Brent crude fell below $87 per barrel, marking a roughly 8% decrease for the week, while West Texas Intermediate hovered around $81.2.

The talks between Iranian Foreign Minister Abbas Araghchi and Omani counterpart Badr Albusaidi aim to create a 'temporary joint maritime corridor' through the strait.