$80 Ceiling for Oil Prices as Iran-Oman Talks Progress

Oil prices remained under $80 per barrel as investors weighed diplomatic efforts to restore shipping through the Strait of Hormuz against persistent regional security risks.

Progress towards restoring shipping through the Strait has improved sentiment, reducing fears of prolonged supply disruptions and helping to keep inflation expectations contained.

Brent crude futures for October traded at $79.56 per barrel, up 0.14% from the previous close of $79.45, while US benchmark West Texas Intermediate (WTI) futures for September traded at $75.16 per barrel, down 0.08% from $75.22 in the previous session.

Iran's Deputy Foreign Minister Kazem Gharibabadi said Iran and Oman had reached an understanding on almost all issues related to future arrangements for the Strait of Hormuz, but clarified that this did not amount to a full reopening.

Regional security risks remain a concern after Yemen's Houthi group claimed missile attacks on two Saudi oil tankers in the Red Sea and the Gulf of Aden.