Oil prices slide 2% on Iran-Oman talks to reopen Strait of Hormuz

Oil prices have dropped following the revival of discussions between Iran and Oman regarding the management of the Strait of Hormuz. The losses across both benchmarks highlight the market's reaction to navigation issues. Despite uncertainty gripping the market, some bargain buying has emerged, preventing further price decreases, while the U.S. is shifting personnel to its Middle Eastern diplomatic missions.