September WTI crude oil is down 3.25, or 3.93 percent, as prices slide to a one-week low on optimism over negotiations to reopen the Strait of Hormuz. President Trump said there was a good chance talks between Iran and Oman would make progress, easing supply disruption fears. However, tensions persist with the US maintaining its blockade of Iranian oil shipments and threatening to strike an Iranian nuclear facility, while Houthi militants vow to continue attacks on Saudi Arabia. Global crude supplies are tightening due to reduced flows through the strait, but stronger Russian crude exports and an expected pause in OPEC production hikes after a final increase of 188,000 barrels per day in September are adding bearish pressure.