Oil Prices Extend Slide as Traders Weigh Iran-Oman Hormuz Corridor Deal

Brent crude futures declined 2.5% to $86.38/bbl and WTI dropped 2.2% to $80.52/bbl, marking a third straight day of losses, as traders weighed easing military-conflict concerns against the prospect of a safe transit route opening through the Strait of Hormuz. Analysts cautioned the Iran-Oman framework would not by itself restore prewar flows, noting a US lift of its blockade on Iranian ports and sanctions relief would likely be needed before any move toward normalization.