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Oil Retreats on Signs of US-Iran Accord Over Hormuz Passage

Crude prices declined for a third consecutive session as market participants assessed progress in negotiations between Washington and Tehran. The talks aim to reopen the Strait of Hormuz. West Texas Intermediate briefly fell below $90 a barrel, marking its lowest level in nearly three weeks, as traders responded to indications that the two nations were moving toward an agreement. The potential deal would restore flows through the critical chokepoint that serves as a vital conduit for global energy supplies. European natural gas extended recent weakness on the same optimism regarding the talks. The negotiation progress also supported broader financial markets, with US government bonds reversing earlier declines as investors gained confidence that an accord could be imminent.