Iran-Oman Talks Send Crude Oil Prices Slipping Amid US Strikes

Crude oil prices declined on Thursday as investors weighed ongoing talks between Iran and Oman over reopening the Strait of Hormuz, despite renewed US strikes on Iran.

The Brent crude price slipped below $90 a barrel after surging 7.9% in the previous session, while WTI crude dropped below $83 a barrel, giving up part of its 6.5% gain from the previous day.

Talks between Iran and Oman over managing the Strait of Hormuz are continuing, according to Reuters, citing the Iranian Labour News Agency. Under the proposed joint arrangement, Iran would oversee shipping traffic in one direction through the strategic waterway, while Oman would manage transit in the opposite direction.