Global oil prices have started to fall amid reports of negotiations between Iran and Oman on a possible agreement to regulate traffic through the Strait of Hormuz, Reuters reports.

Accordingly, Brent crude oil futures fell $1.42 (1.56%) to $89.32 a barrel by 13:30 GMT. Earlier in the day, the price had reached $93.31 a barrel during trading. And the US West Texas Intermediate (WTI) crude oil dropped $1.14 (1.35%) to $83.32 a barrel, after earlier rising to around $85.94.

The Strait of Hormuz is one of the most important global oil transportation routes, as a significant portion of the energy supplies of the Persian Gulf countries passes through it.