Iran and Oman are in talks about opening a shared shipping corridor through the Strait of Hormuz, the sea lane that normally carries about a fifth of the world's oil. Traders took it as a sign that oil is starting to move freely again, and crude fell for a third day running.
Crude dropped below $81 a barrel, and heating oil has eased back with it. Across the Northeast a gallon runs about $4.60 at the cheaper end, which puts a 150-gallon delivery around $690.
The war premium has not gone away. Crude is still roughly 26% above where it was a year ago, having climbed through the summer while the fighting around the strait kept tankers out of it.
Two things decide where it goes next. Whether those corridor talks turn into ships actually sailing through the strait, and whether Washington follows through on its warning to penalise countries still trading with Tehran.