Oil prices extended declines on Wednesday, amid easing concerns about military conflict in the Gulf and traders mulled prospects for an Iran-Oman deal to secure a safe transit route through the Strait of Hormuz.
Brent crude futures, the international benchmark, declined 2.5% to $86.38 a barrel. U.S. West Texas Intermediate futures dropped 2.2% to $80.52 per barrel.
In addition, Pakistan reported meaningful progress in talks aimed at de-escalation and restoring navigation through the Strait of Hormuz, Broccardo noted.
Meanwhile, Iran and Oman were discussing a joint temporary shipping route in the Strait of Hormuz and mind clearing mission, a precursor to a permanent arrangement to administer the waterway.
