Brent crude futures dropped for a third session as Iran and Oman advanced plans for a temporary maritime corridor through the Strait of Hormuz.

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…

Brent crude dropped to $86.41 per barrel as Iran-Oman talks on a Strait of Hormuz maritime corridor lifted hopes for restored oil supply flows.