West Texas Intermediate (WTI) Crude Oil remains under pressure on Wednesday but struggles to attract fresh selling as traders await confirmation that commercial shipping through the Strait of Hormuz will resume. At the time of writing, WTI trades around $74 per barrel, hovering near three-week lows. Iran and Oman have reached an understanding on the geographic coordinates of a proposed shipping route through the waterway. However, an informed source told Fars News that an agreement between Iran and Oman would not automatically reopen the Strait. Until a final agreement is reached and shipping resumes, a geopolitical risk premium is likely to remain embedded in Oil prices, limiting the scope for a deeper decline.