Oil prices fall as Iran-Oman Hormuz corridor talks advance; US keeps Tehran sanctions
Oil prices fell to a two-week low after Iran and Oman announced Tuesday the possibility of a temporary shipping corridor through the Strait of Hormuz. The United States continues its economic sanctions campaign against Tehran. Brent crude hovered around $86 per barrel Wednesday morning, while West Texas Intermediate dipped to approximately $80. Oman's foreign minister expressed hope for a soon-to-be-announced temporary corridor and practical arrangements to restore safe navigation through the vital chokepoint. The Strait of Hormuz carried roughly a fifth of the world's daily oil supply before the Iran war began in late February. President Donald Trump said Wednesday the strait remains "functioning" despite occasional drone or rocket attacks on tankers.