Oil slips as Iran-Oman talks on Hormuz draw focus

Oil prices fell Wednesday as investors monitored Iran-Oman talks on the Strait of Hormuz, with Brent fell 0.8% to $87.87 a barrel. Investors monitored talks between Iran and Oman working on agreement details, with a smaller-than-expected U.S. crude stocks rose by 95,000 barrels to 428.9 million barrels. Both benchmarks hit lowest since August 10 on hopes of increased traffic through the strategic strait. Analysts said talks shifted the market mood, with a credible agreement rapidly restores Hormuz traffic. Only five commodity vessels transited the waterway Tuesday, down from the 10-day average of 15 and well below pre-war levels.