Oil Prices Fall as Iran and Oman Discuss Reopening Strait of Hormuz

Oil prices fell by about $2 as talks between Iran and Oman raised hopes that the Strait of Hormuz could be reopened. Iran says the strait remains closed despite negotiations on a transit corridor. Traffic through Hormuz is still depressed while the two countries weigh a temporary corridor. European shares were muted as investors assessed the talks and U.S. inflation data.