Oil prices extend losses as Iran-Oman talks resume on Hormuz

Oil prices extended losses Wednesday after Iran announced resumption of talks with Oman on potentially reopening the Strait of Hormuz, overshadowing new U.S. sanctions. West Texas Intermediate crude fell 1.7% to $81.01 per barrel, following a 3% drop the prior session, while Brent plunged 5.6% Tuesday. The two countries discussed a "common temporary navigation corridor" through the strait, easing supply risk concerns. Iran also allowed some Iraqi tankers through Hormuz, though maritime activity remains a fraction of pre-war levels. About 20% of global oil transited the strait before its closure disrupted supplies. Talks came a day after Washington imposed stricter sanctions, signaling preference for economic pressure over military strikes.