Crude oil tanks 6% in two days to hover near $85

Oil prices fell 3% on Wednesday, extending losses from the previous session, as fresh hopes emerged that the Strait of Hormuz could reopen after Iran said it had resumed talks with neighbouring Oman on managing the strategic waterway.

The market continues to react to developments surrounding navigation through the Strait of Hormuz, and hopes for progress in talks between Iran and Oman have triggered selling.