Texas Oil Drops 2.1% to $80 on Hormuz Route Optimism

West Texas Intermediate crude oil fell 2.1% to $80.63 per barrel Wednesday, marking a third consecutive decline, as investor optimism grew over a potential new shipping route in the Strait of Hormuz. Iran and Oman announced they are working on a framework for a new maritime route through the strait and committed to demining the path. However, Tehran disputed US claims that demining is complete, calling Washington's statements propaganda. The market also reacted positively to the "Economic Pariah" operation targeting Iran's finances, with analysts saying sanctions increase the likelihood of a resolution rather than supply disruption. Some noted WTI failed to rally because Trump's threats had already priced in the plan.