Brent crude falls to $86.71 as Strait of Hormuz reopening advances

Brent crude fell to $86.71 per barrel on Wednesday morning, continuing a decline driven by progress toward reopening the Strait of Hormuz. Prices dropped 2.11% in London trading. October Brent futures fell $1.87 to $86.71, following Tuesday's 3.89% decline. WTI dropped 2.15% to $80.59. Iran and Oman agreed on a temporary shipping route through the strait, though Iran's deputy foreign minister said full reopening awaits conflict resolution with the US. US crude inventories rose by 4.2 million barrels last week, exceeding the expected 1.9 million increase, according to the American Petroleum Institute. The Energy Department will release official data later Wednesday.