Commodities
Oil Prices Slide Toward $106 as US-Iran Talks Revive Hopes for Strait Reopening
Crude oil prices have dropped towards $106 per barrel as reports of potential talks between the US and Iran raised hopes that the Strait of Hormuz could be reopened in phases, easing supply disruptions.
According to the IANS report, Brent crude slipped after gaining more than 7% in the previous two sessions. West Texas Intermediate (WTI) also fell below $94 per barrel.
The reported discussions were taking place on the sidelines of the United Nations General Assembly, according to a person familiar with the talks.