WTI Crude Prices Slide on Diplomatic Talks and Softened US Sanctions

West Texas Intermediate (WTI) crude oil prices continued their downward trend for a third consecutive session, hovering around $80.10 per barrel during Asian trading on Wednesday.

The decline in WTI futures came as reports emerged of Iran and Oman discussing the creation of a temporary joint maritime corridor through the Strait of Hormuz.

Market sentiment has softened following recent US measures against Iran, which fell short of imposing secondary sanctions on its trading partners.

While supply concerns remain elevated, TD Securities noted that 'crude flows remain extremely constrained' and product markets are tightening.