Oil falls for fourth day as traders eye Hormuz talks
Oil prices fell for a fourth consecutive session on Aug. 27 as talks between Iran and Oman raised hopes that more energy shipments could move through the Strait of Hormuz.
Brent crude traded near $87 a barrel and was down more than 7 percent for the week.
Iran’s Revolutionary Guards said on Aug. 26 that the two countries had reached an understanding over their respective shares of the waterway and any revenue it generates.
“During negotiations with Oman, some agreements were made regarding each country’s share of the waters of the Strait,” Guards spokesman Hossein Mohebi said, adding that the talks also covered revenues.
