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U.S. WTI Crude Falls 2.7% to Two-Week Low on Hormuz Reopening Hopes

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U.S. West Texas Intermediate crude fell $2.21, or 2.68%, to $80.15 at 08:10 UTC, its lowest level since August 10. Brent dropped $2.25 to $86.33 as markets weighed hopes that Iran-Oman talks could ease shipping constraints in the Strait of Hormuz. Oman’s foreign minister Badr Albusaidi said the talks were constructive and expressed hope for a temporary corridor and practical safe-navigation arrangements. Preliminary data showed five commodity vessels crossed the strait Tuesday, compared with a 10-day average of 15, while industry data indicated U.S. crude inventories rose by about 4.2 million barrels.

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