Commodities
Home›Commodities›Energy›Oil falls as US Iran talks on reopening Strait of Horm…
Oil falls as US Iran talks on reopening Strait of Hormuz gain momentum
West Texas Intermediate futures dropped about 2.3% to around $92 a barrel and marked its first weekly decline since late August.
Oil prices fell as traders weighed tentative signs that talks between the US and Iran to reopen the Strait of Hormuz were making progress, LiveMint Markets reported, citing Bloomberg.
West Texas Intermediate futures fell about 2.3% to settle near $92 a barrel, and logged its first weekly drop since late August, as market participants increasingly expected the negotiations could be productive.
The sides were said to be pushing for a breakthrough that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports, though traders remained cautious after prior talks that later collapsed.
A White House official said President Donald Trump remained open to talking with Iran, while also emphasizing the US did not need to negotiate because of its sanctions campaign and the blockade.