Oil prices tumble amid renewed optimism over the Strait of Hormuz

Oil Price Today (August 26): Crude oil tanks 6% in two days to hover near $85. What’s behind the decline?

Brent crude futures were down $2.35, or 2.65%, at $86 a barrel, while U.S. West Texas Intermediate crude futures fell $1.94, or 2.36%, to $80.42. Both benchmarks had declined more than 3% on Tuesday.