Oil prices are continuing their downward trajectory, with Brent crude futures dropping $1.78, or 2.0 percent, to $86.80 a barrel as of 00:27 GMT.
US West Texas Intermediate (WTI) crude went down $1.49, or 1.8 percent, to $80.87.
The fall came on new hopes that the Strait of Hormuz could reopen after Iran said it had resumed talks with neighbour Oman on managing the strategic waterway, according to news reports.
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The United States is not planning new attacks on Iran any time soon as it will focus on other means of pressure on Tehran, including using sanctions, US Secretary of State Marco Rubio told top diplomats from a number of countries, according to Axios.
ReplyDelete"Rubio made clear that the US isn't planning a return to major combat operations," but "he didn't rule out strikes if Iran attacks first," the news website reported on Tuesday. Instead, US officials told Axios, Washington will focus on putting more economic pressure on Iran through the sanctions and naval blockade, as well as "moving ever-increasing amounts of oil out of the Strait of Hormuz."
Iran and Oman will discuss a specific approach to managing ship traffic through the Strait of Hormuz within up to two months, Kazem Gharibabadi, Iran’s Deputy Foreign Minister for Legal and International Affairs, announced.
ReplyDelete"We will hold negotiations regarding future agreements on how to manage the Strait of Hormuz within 30 to 60 days," Gharibabadi said. Also, he added, the sides will have to agree a new permanent route.
The Iranian diplomat confirmed that the waterway will remain closed and that Iran has full control of the area. He also dismissed a remark from US President Donald Trump saying that all mines have been removed from the Strait as empty words.