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Oil prices slide again on hopes of a temporary Hormuz deal

West Texas Intermediate and Brent October contracts are down nearly 7% and 9%, respectively, over the past five days.

Reported · Written up by our desk · Energy

Oil prices extended their decline as Iran and Oman explored a temporary deal tied to the Hormuz Strait, MarketWatch reports.

According to MarketWatch, West Texas Intermediate October contracts fell nearly 7% and Brent October contracts declined about 9% over the past five days.

The move comes as traders respond to shifting expectations around the region’s shipping outlook, with the market’s focus on whether a temporary arrangement can ease supply risk.

Latest closeBrent $97.67 ▼1.6%

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