Oil prices drop for third day as Strait of Hormuz talks ease supply fears

nbcnews.com

Oil prices fell for a third day Wednesday, with US crude down 1.5% to about $81 a barrel and Brent near $86, driven by renewed Middle East optimism. Iran-Oman talks on reopening the Strait of Hormuz, US plans to return diplomats to the region, and signals Washington won't resume military strikes on Iran all fueled the drop. Crossings remain subdued, with just five vessels transiting Tuesday versus a pre-war average of 130. Prices have fallen 9% since Sunday, easing inflation concerns as PCE held at 3.7% in July. Bond yields and mortgage rates also declined, though US gas prices stayed flat at $4.10 per gallon.


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