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Oil prices extended steep losses on Wednesday as reports of a potential U.S.-Iran ceasefire and renewed discussions over reopening the Strait of Hormuz eased concerns about global crude supply disruptions.
Brent crude futures dropped 2.6% to $86.32 a barrel by 02:26 GMT, while West Texas Intermediate (WTI) crude futures declined 2.4% to $80.36. The losses followed a plunge of more than 5% on Tuesday.
Crude markets came under heavy selling pressure after Russian state-owned news agency RIA reported that Washington and Tehran were nearing a ceasefire agreement, citing Pakistani and Iranian sources. According to the report, the proposed deal would guarantee free navigation through the Strait of Hormuz and could be announced within days.
The report could not immediately be independently verified. However, it followed comments from Pakistani officials that mediation efforts with Iran had made progress, including discussions about restoring an interim ceasefire. Pakistan has played a significant role in regional diplomacy during the U.S.-Iran conflict and helped broker a ceasefire between the two sides in June.
Oil prices faced additional pressure after Iran confirmed it had resumed talks with Oman over commercial shipping through the Strait of Hormuz. The neighboring countries discussed establishing a "joint temporary navigational corridor" to facilitate vessel traffic through the strategically important waterway.
The prospect of increased shipping through Hormuz prompted traders to reduce some of the geopolitical risk premium built into crude prices. Iran had previously allowed some Iraqi oil tankers to pass through the strait, providing another sign that restrictions could gradually ease.
Shipping activity nevertheless remains well below pre-war levels. Before the conflict, roughly 20% of global oil supplies passed through the Strait of Hormuz, making the route critical to international energy markets.
The ceasefire and Hormuz developments overshadowed stricter U.S. economic sanctions imposed on Iran earlier this week. Washington's latest measures have reinforced expectations that the U.S. may prioritize economic pressure on Tehran rather than further military action, adding to downward pressure on oil prices.
