Oil plunges more than 3%, WTI falls below $99 on hopes for opening the Strait of Hormuz
CommodityGeopolitics Impact 4
Global crude oil prices fell sharply, with West Texas Intermediate crude for October delivery dropping $3.55, or 3.46%, to $98.93 a barrel, and Brent crude for November delivery falling $3.95, or 3.65%, to $103.68 a barrel. The decline followed reports that foreign ministers from Arab Gulf states and Iran are scheduled to meet on September 14 in Salalah, Oman, to discuss a temporary agreement on regulating shipping through the Strait of Hormuz. The meeting comes amid efforts by Oman and Iran to reduce tensions and restore maritime traffic. The talks, initiated by Oman, mark the first meeting of senior diplomats from the six member states of the Gulf Cooperation Council with Iran since the United States and Israel launched attacks on Iran on February 28. The Gulf Cooperation Council comprises Bahrain, Qatar, Kuwait, the United Arab Emirates, Oman and Saudi Arabia.
