Tokyo, August 26 (QNA) - Oil prices dropped about 2% on Wednesday, extending losses from the previous session, as renewed hopes that the Strait of Hormuz could reopen emerged after Iran said it had resumed talks with Oman on managing the strategic waterway.
Brent crude futures fell $1.78, or 2.0%, to $86.80 a barrel, while US West Texas Intermediate crude futures were down $1.49, or 1.8%, at $80.87.
Both benchmarks lost more than 3% on Tuesday. (QNA)