Oil Prices Fall on Strait of Hormuz Reopening Hopes

annahar.com (Arabic)

Oil prices fell amid hopes for reopening the Strait of Hormuz, directly impacting the energy market and global economy. US crude futures dropped $1.37, or 1.7 percent, to $80.99, extending Tuesday's 3.1 percent loss, the lowest settlement since August 13. Iran resumed talks with Oman on managing the strategic waterway under US pressure. The strait carried one-fifth of global oil and LNG shipments before February's war. Washington expanded sanctions Monday, threatening penalties on nations trading with Tehran but delaying enforcement.


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