Oil Prices Slide on Iran-Oman Strait of Hormuz Deal Progress
Oil prices declined on August 6 as negotiations between Iran and Oman neared completion on a route for vessel movement through the Strait of Hormuz.
Negotiators from the two countries had agreed upon the geographical coordinates of the proposed route, Iranian Foreign Ministry spokesman Esmail Baghaei said, although he noted that a potential agreement could not guarantee security due to the risk of destabilizing actions by third parties, including the United States.
The developments in the talks were reflected in oil prices, with October Brent crude futures on London's ICE Futures exchange down $0.35, or 0.44%, at $79.10 per barrel.
September WTI futures fell by $0.48, or 0.64%, to $74.74 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).