Brent crude drops over 2% to $86.66 on Strait of Hormuz reopening hopes

noticiasaominuto.com (Portuguese)

Brent crude oil fell over 2% at market open on Wednesday, trading at $86.66 per barrel, amid prospects for a partial reopening of the Strait of Hormuz. The North Sea benchmark closed Tuesday down 3.89% at $88.58, marking a second consecutive session of losses. Investors reacted to Oman's Foreign Minister Badr al-Busaidi expressing confidence in establishing a temporary corridor for ship transit through the strait, following talks in Tehran with Iranian counterpart Abbas Araghchi. The discussions come after US and Israeli attacks on Iran began in late February, which had disrupted the vital shipping route.


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