Oil prices fall for a third day as US-Iran talks fuel expectations of eased Middle East supply constraints.
West Texas Intermediate crude dropped to $90.66, extending a three-day decline, as reports of progress in US-Iran negotiations raised hopes for the reopening of the Strait of Hormuz. The key chokepoint handles about one-fifth of global oil shipments.
Prices had climbed earlier in the week on geopolitical tensions and supply disruptions. Analysts noted the potential for a sharp reversal if the strait reopens, easing fears of prolonged supply bottlenecks.
Markets remain cautious as talks continue, with traders monitoring developments for further price direction.