Crude extends losses toward $80 after Iran-Oman corridor talks
Crude oil slid toward $80 per barrel for a third straight session after reports Iran and Oman discussed a temporary joint maritime corridor in the Strait of Hormuz, with additional diplomacy involving Pakistan and Qatar.
Crude oil fell toward $80 per barrel on Wednesday, extending losses into a third consecutive session following reports that Iran and Oman discussed the establishment of a “temporary joint maritime corridor” in the Strait of Hormuz.
Technical talks between the two sides are set to continue as they work toward a permanent maritime corridor covering the future administration of the strait, information-sharing mechanisms, traffic management, and the provision of maritime and security services.
Meanwhile, Pakistan’s army chief traveled to Tehran to support diplomatic efforts, while Qatar said it was continuing its mediation.
Oil prices have come under pressure this week after Washington’s latest measures to intensify economic pressure on Iran proved less aggressive than markets had expected, with the US stopping short of imposing secondary sanctions on Iran’s trading partners.