Oil Prices Fall $2 on Iran-Oman Talks to Reopen Strait of Hormuz

Oil prices fell more than $2 a barrel on Wednesday as talks between Iran and Oman revived hopes that the Strait of Hormuz could reopen and remove shipping constraints affecting supply in the key Middle East region. Brent crude futures fell $2.30, or 2.6%, to $86.28 a barrel by 0447 GMT, earlier dropping to their lowest since August 13. US West Texas Intermediate crude futures were down $2.08, or 2.53%, at $80.29, earlier sinking to their lowest since August 10. Both benchmarks fell more than ‌3% on Tuesday.