Oil prices dropped for a second consecutive day on Wednesday as expectations grew that diplomatic talks between the United States and Iran could resume, potentially easing a supply crunch caused by the closure of the Strait of Hormuz (a critical waterway through which roughly 130 vessels previously carried crude oil and refined fuels daily to buyers in Asia and Europe). Brent crude futures fell 0.55% to $94.27 a barrel, while US West Texas Intermediate dropped 1.1% to $90.24, following steep losses in the previous session. President Donald Trump indicated on Tuesday that peace negotiations, which collapsed over the weekend and prompted Washington to impose a blockade on Iranian ports, could resume in Pakistan within days — though analysts cautioned that physical oil flows through the strait remain severely disrupted, with tanker traffic only a fraction of pre-war levels and the US declining to renew sanctions waivers on Iranian and Russian oil.