Asian energy stocks slide as oil drops after Iran-Oman talks on Strait of Hormuz

Asian energy stocks fell Wednesday as oil prices dropped after Iran and Oman resumed talks on managing the Strait of Hormuz, raising hopes the key route could reopen. Brent futures fell 2.5% to $86.41 a barrel, while WTI dropped 2.4% to $80.42. The talks include a temporary navigation corridor and mine-clearing cooperation, though Iran-US negotiations remain stalled. The strait previously handled about a fifth of global oil and LNG shipments, making progress a potential downward pressure on crude prices. Regional energy shares declined sharply, with Australia's Woodside Energy down over 4% and South Korea's SK Innovation plunging more than 16%. The selloff followed Tuesday's 3.1% WTI drop as diplomatic hopes outweighed supply disruption concerns.