Oil drops for third day amid US-Iran tensions

Oil prices have decreased for the third consecutive day, as diplomatic efforts between Iran and Oman continue to establish a "temporary maritime corridor" through the Strait of Hormuz, aimed at resuming shipping activity and ensuring the flow of oil. Oil prices have significantly dropped this week, with Brent crude falling to around $86 per barrel and WTI to approximately $80, representing a weekly decline of about 9%. These declines come amid a decrease in the risk of military escalation between Washington and Tehran, while discussions about long-term diplomatic paths persist, including ongoing talks between Iran and Oman regarding a permanent maritime corridor agreement. Additionally, U.S. oil inventories have increased by 4.2 million barrels. The market is trending toward relative stability as tensions ease, with close watch on developments in the political and diplomatic landscape in the region.

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