Oil Prices Slide as Investors Monitor Hormuz Talks

Oil prices settled lower on Wednesday after a volatile session as investors monitored talks between Iran and Oman on the Strait of Hormuz.

The Brent crude futures benchmark fell by $0.74, or 0.84%, to settle at $87.84 per barrel, while West Texas Intermediate (WTI) crude futures dropped by $0.13, or 0.16%, to settle at $82.23 per barrel.

Both benchmarks hit their lowest levels since August 10 before paring losses after official data showed US crude inventories rose by less than expected last week.