Brent $86 US WTI $80.42 fall amid Middle East tensions
Business
Oil prices took a sharp dip over the past 48 hours, with Brent crude now at $86 a barrel and US WTI at $80.42.
That's a sharp drop since Tuesday, all thanks to shifting tensions in the Middle East.
Iran and Oman resume Hormuz talks
The main reason? Markets are feeling hopeful after Iran said it had resumed talks with Oman to keep things calm in the Strait of Hormuz, a key route for global oil and gas shipments.
They're even discussing setting up a joint corridor and removing mines.
Still, it's not all smooth sailing: on Tuesday, an oil tanker near Oman was hit by an unknown projectile, reminding everyone that risks in this region haven't disappeared.