US oil prices extend losses on hopes of Iran-Oman talks on Strait of Hormuz

United States oil prices have extended their losses, sliding by approximately two percent. The downward movement in the market is driven by growing hopes surrounding diplomatic talks between Iran and Oman aimed at potentially reopening the strategically vital Strait of Hormuz.

The Strait of Hormuz serves as a critical global trade route for petroleum. Potential progress in reopening the passage through regional negotiations has directly influenced market sentiment, prompting a retreat in crude valuation as supply disruption fears ease.