U.S. West Texas Intermediate crude futures fell $1.37, or 1.7%, to $80.99 in early Wednesday trade, extending a 3.1% loss from Tuesday that took prices to their lowest since August 13. The decline followed Iran’s announcement that it had resumed talks with Oman on managing the Strait of Hormuz, raising hopes the waterway could reopen. The route handled one-fifth of global oil and liquefied natural gas shipments before the war began in February. The discussions come as U.S. President Donald Trump increases economic pressure on Iran, including an expansion of sanctions unveiled Monday that threatens penalties for countries continuing to do business with Iran, although the United States said it would not impose them immediately.