Commodities
WTI Crude Falls Amid Iran-Oman Talks on Strait of Hormuz
US West Texas Intermediate (WTI) crude futures fell sharply on August 26 amid expectations of a possible resumption of shipping through the Strait of Hormuz.
Iran announced it had resumed talks with neighboring Oman on managing traffic through the strategic waterway, according to Reuters.
The development comes as the US has imposed expanded sanctions on Iran, limiting its economic capabilities and threatening punishment for countries that continue doing business with Tehran.
WTI futures fell by $1.37, or 1.7%, to $80.99 per barrel in early trading, after losing 3.1% of their value in the previous session and closing at their lowest level since August 13.