Oil extended declines as Iran and Oman discussed an “interim framework” aimed at resuming shipping through the Strait of Hormuz. West Texas Intermediate traded below $81 a barrel, after falling about 6% in the previous three sessions, while Brent closed below $89 on Tuesday. Iranian Foreign Minister Abbas Araghchi and his Omani counterpart Badr Albusaidi discussed the initiative to establish a “temporary joint maritime corridor,” according to a statement carried by the Oman News Agency.