Crude oil falls 2% as Iran-Oman talks raise hopes of Strait of Hormuz reopening — What it means for Indian markets

Oil prices fell about 2 per cent on Wednesday, extending losses from the previous session, as fresh hopes that the Strait of Hormuz could reopen eased concerns over global crude supplies.Brent crude futures fell USD 1.78, or 2 per cent, to USD 86.80 a barrel by 0027 GMT. US West Texas Intermediate (WTI) crude futures declined USD 1.49, or 1.8 per cent, to USD 80.87 a barrel.Both benchmarks had fallen more than 3 per cent on Tuesday.