Oil Extends 6% Slide as Iran, Oman Discuss Strait of Hormuz Shipping Framework
Updated
Updated · Bloomberg · Aug 25
Oil Extends 6% Slide as Iran, Oman Discuss Strait of Hormuz Shipping Framework
3 articles · Updated · Bloomberg · Aug 25
Summary
WTI traded near $81 a barrel and Brent closed below $89, extending oil’s pullback after roughly a 6% drop over the previous three sessions.
Iranian Foreign Minister Abbas Araghchi and Omani counterpart Badr Albusaidi discussed an “interim framework” to restart shipping through the Strait of Hormuz, according to a joint statement carried by Oman’s state news agency.
The proposal centers on a “temporary joint maritime corridor,” signaling a possible near-term easing of supply-route disruption fears in one of the world’s most critical oil chokepoints.