Iran Accused The U.S. Of Blocking a Deal To Set Up a Safe Route Through Hormuz. Oil Is Dropping Anyway.

Iran said the U.S. is blocking a deal with Iran to establish a safe route to transit through the Strait of Hormuz. (Credit: Getty Images)

Oil prices declined on Wednesday even though Iran said the U.S. is blocking a deal between Iran and Oman to establish a safe route to transit through the Strait of Hormuz.

Brent crude, the international benchmark, dropped 1.73% at 9:00 a.m. and clocked in at $85.76 per barrel, while West Texas Intermediate, the U.S. benchmark, fell 2.03$ and stood at $80.69 per barrel at the same time.