Oil Prices Fall on Hopes of Hormuz Reopening
Oil prices dropped more than two percent to a two-week low as progress in talks between Iran and Oman raised expectations that the Strait of Hormuz could reopen. The potential resolution helped ease shipping disruption concerns in the vital oil-exporting region.
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Brent Crude Oil fell 2.52% to $86.35 a barrel on Wednesday afternoon, hitting a two-week low as talks between Iran and Oman raised expectations that the Strait of Hormuz could reopen.
