Oil Slides as Iran-Oman Talks Fuel Hopes of Strait of Hormuz Reopening

Oil prices fell for a second straight session on Wednesday 26 August 2026 as Iran and Oman discussed a temporary joint shipping corridor through the Strait of Hormuz, reviving hopes of a wider US-Iran understanding. Brent slipped toward US$87 a barrel after Monday's sanctions shock, and the reversal rippled through Latin America's oil-exporting economies and currencies.