Oil prices fall ahead of Iran talks

Oil prices declined following market fluctuations amid anticipation of talks between Iran and Oman regarding the Strait of Hormuz, which could facilitate navigation and reduce fears of military escalation. Brent crude dropped to $87.84 per barrel, and West Texas Intermediate to $82.23, despite US oil inventories increasing by less than expected (95,000 barrels vs. an expected increase of 597,000 barrels). The results of the negotiations suggest a possible partial reopening of the Strait of Hormuz, removing geopolitical escalation risks and benefiting the oil market.

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