Oil Prices Fall Over 2.5% As Strait Of Hormuz Reopening Hopes Ease Global Supply Concerns

Oil prices declined around 2% on Wednesday as hopes of improved shipping through the Strait of Hormuz eased concerns over global crude supplies. Brent fell to $86.80 a barrel, while WTI dropped to $80.87. Markets reacted to Iran-Oman discussions and signs that disruption through the key waterway could ease