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Oil Prices Dip Amid Gulf Talks | Raleigh News
Oil prices nosedived nearly 4% on August 25 after Oman and Iran announced a joint mine-clearing initiative in the Strait of Hormuz — a chokepoint for 20% of global oil flow. Brent crude fell to $88.58, U.S. crude dropped over 3% to $82.36, and Murban slid 8.6%. The dip briefly lifted broader markets but hammered energy stocks. Analysts speculate the move hints at diplomacy, with U.S. envoys possibly returning to the region — though skepticism runs high. Prices remain far above year-start levels, and conflicting reports muddy the waters. Meanwhile, U.S. sanctions pressure China, which vows to…
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