Oil prices slide as hopes grow for reopening of Strait of Hormuz

Oil prices fell by more than $2 a barrel on August 26 as talks between Iran and Oman revived hopes that the Strait of Hormuz could be reopened and restrictions on shipping in the region lifted.

Brent crude futures fell $2.30, or 2.6%, to $86.28 a barrel, while West Texas Intermediate (WTI) crude fell $2.08, or 2.53%, to $80.29, Caliber.Az reports per foreign media.

The decline came amid renewed diplomatic efforts involving Iran and Oman, which raised expectations of improved shipping conditions through the Strait of Hormuz, a key route for global oil supplies.

By Aghakazim Guliyev