Oil Prices Sink as Iran Talks Eases Tensions

Crude oil prices are sliding today, with September WTI crude oil falling to a one-week low. The decline comes as optimism grows over negotiations between Iran and Oman, which could lead to the reopening of the Strait of Hormuz.

Tensions in the Middle East have eased for now, with the US and Iran holding off on further attacks for a fourth day. However, President Trump's statement that there is 'a good chance' talks will make progress has weighed on oil prices.

Despite this optimism, tensions remain high as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. The International Maritime Organization has warned it's too dangerous to cross the Strait of Hormuz at present, and visible transit through the strait has fallen sharply.