London (Daily Paklish) Oil prices fell more than 2% on Wednesday to their lowest level in more than two weeks, as progress in talks between Iran and Oman raised expectations the Strait of Hormuz could reopen, easing shipping disruptions in a key oil-exporting region.
Brent crude futures were down $2.23, or 2.52%, to $86.35 a barrel at 1218 GMT. West Texas Intermediate crude futures were down $1.97, or 2.39%, at $80.39.
Both benchmarks fell to their lowest levels since August 10 earlier in the session.