Oil Drops as Traders Track Hormuz Diplomacy Prospects

Brent crude fell toward $99 a barrel after declining over the previous four trading sessions. Oil prices erased earlier gains following a report that Iran could reopen the Strait of Hormuz if the United States lifted its blockade of Iranian ports. President Donald Trump was scheduled to address the United Nations General Assembly in New York, with the possibility of meeting Iranian President Masoud Pezeshkian.

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