WTI Slides to $80 as Hormuz Corridor Talks Ease Supply Fears

West Texas Intermediate is trading near $80 a barrel after a three-session slide, tracking Brent's drop toward $85 as tankers begin moving more Gulf crude through the Strait of Hormuz. The shift follows reports that Iranian Foreign Minister Abbas Araghchi and Omani officials advanced plans for a temporary maritime corridor, easing the acute supply anxiety that had gripped markets since the US-Iran conflict erupted.

Despite the pullback, WTI remains up sharply on the year, with Brent still holding a 41% year-to-date gain even after shedding more than 9% in a single week. That divergence between spot weakness and annual strength highlights how fragile the risk premium built into crude prices has become as physical flows normalize.

Traders are now watching whether the corridor arrangement holds, since any breakdown in the Iran-Oman talks could quickly reverse this week's losses and push WTI back toward recent highs.