Oil Drops as Tankers Begin Moving More Gulf Crude

Brent crude futures dropped for a third session as Iran and Oman advanced plans for a temporary maritime corridor through the Strait of Hormuz. Brent tumbled to $85 a barrel early Wednesday, down more than 9% for the week, while West Texas Intermediate traded around $80.

Crude remains up more than 41% this year following the US-Iran conflict and ongoing disruptions at the Hormuz chokepoint.