Oil prices fall as Iran and Oman discuss Hormuz navigation
Oil prices slid on Tuesday, with Brent crude dipping 4.3% to just under $89 a barrel (a two-week low) while US oil also slipped below $82.
The drop comes as Iran and Oman discussed the importance of resuming navigation through the Strait of Hormuz, a vital shipping lane that's been disrupted by six months of conflict in the Middle East.
US sanctions about 60 oil entities
The US just sanctioned around 60 entities linked to oil money but left out secondary sanctions on big buyers like China, which helped calm market fears for now.
Even so, crude prices are still up 50% this year because of the war's impact.
Despite tensions and a recent tanker attack near Oman, oil is still flowing (sometimes with tracking turned off), keeping prices from spiking, but things remain unpredictable in the region.