Iran-Oman Talks Leave Oil Prices Steady Amid Supply Tensions

Oil prices held steady on Thursday due to market caution over whether talks between Iran and Oman would restore flows through the Strait of Hormuz.

The Strait, which handles about one-fifth of global daily oil and liquefied natural gas supplies, has been a key point of contention in the ongoing US-Iran conflict.

Iran and Oman have reached an understanding on the geographic coordinates for a shipping route through the Strait, but traders are skeptical about the deal's stability due to past agreements being short-lived.

A proposed deal between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait, a significant concession to Iran.