September crude oil futures were trading at ₹7,662 on MCX during the initial hour of trading on Wednesday against the previous close of ₹7,837, down by 2.23%.

Crude oil futures traded lower on Wednesday morning following reports that Oman and Iran had discussed establishing a temporary joint maritime corridor in the Strait of Hormuz.At 9.36 am on Wednesday, November Brent oil futures were at $85.26, down by 2.30 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $80.33, down by 2.46 per cent. September crude oil futures were trading at ₹7,662 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹7,837, down by 2.23 per cent, and October futures were trading at ₹7,571 against the previous close of ₹7,721, down by 1.94 per cent.Both Iran and Oman said on Tuesday that they discussed a joint temporary navigational corridor through the Strait of Hormuz and agreed to clear it of mines.In their Commodities Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices continue to retreat, with ICE Brent settling 3.89 per cent lower on Tuesday and breaking below $90 a barrel. The catalyst appears to be positive signals from Persian Gulf talks.They said Iran and Oman appear closer to an agreement on shipping routes through the Strait of Hormuz. However, any agreement between these two parties does not mean we will see normalisation in oil flows through the key chokepoint. “We would likely need to see the US lift its blockade on Iranian ports and ease sanctions on Iran before we see any move towards normalisation,” they said.In a Truth Social post, US President Donald Trump said all mines have been removed and / or detonated from within the international waters of the Strait of Hormuz.“Iran has been notified that any ship or boat placing new mines will be immediately and systematically destroyed. Through Space Force, we are watching every square inch of the Strait, as we are, also, with Pickaxe Mountain and the already destroyed three other Nuclear sites. There is a Zero Tolerance policy on mine placement in full force and effect,” he said.Published on August 26, 2026