Brent crude fell to $86.41 per barrel, down more than 2%, marking its third consecutive session of losses. Negotiations between Iran and Oman focus on establishing a temporary maritime corridor through the Strait of Hormuz, including coordinated mine-clearing and tanker traffic management. The strait carries roughly one-fifth of all globally traded oil and LNG, and its potential securitization has pushed prices lower after they peaked above $118 per barrel earlier in 2026. US WTI crude also declined by approximately 1.8% in parallel, and tanker operators may start booking transits once a formal operational framework is signed.
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