Muscat: Oil prices fell for a second consecutive session today, driven by expectations that peace talks between the United States and Iran may resume, potentially unlocking crude supplies from the key Middle East producing region that have been trapped by the closure of the Strait of Hormuz.
According to Oman News Agency, Brent crude futures declined 52 cents, or 0.55 percent, to $94.27 a barrel, extending a 4.6 percent drop in the previous session. US West Texas Intermediate crude fell $1.04, or 1.1 percent, to $90.24, after plunging 7.9 percent on Tuesday.
US President Donald Trump said on Tuesday that talks to end the war between the US and Israel and Iran could resume in Pakistan within the next two days, following the collapse of negotiations over the weekend that prompted Washington to impose a blockade on Iranian ports.
The conflict has led to the closure of the Strait of Hormuz, a vital waterway for the flow of crude and refined products from the Gulf to global buyers, particularly in Asia and Europe. Despite a two-week ceasefire, transit through the strait remains uncertain.