Oil Prices Edge Higher Amid Ongoing Iran-Oman Talks

Oil prices rose on Thursday as investors remained cautious about the outcome of talks between Iran and Oman aimed at resolving shipping issues through the Strait of Hormuz.

The negotiations, which have been ongoing since late February, aim to restore shipping routes that were disrupted by the conflict between the US and Iran. According to Iranian Foreign Ministry spokesperson Esmaeil Baghaei, a shared understanding has been reached on the geographical coordinates of a shipping route through the Strait of Hormuz.

However, geopolitical risks remain as Iran warned Gulf states that any new US attack on its territory would be met with strikes targeting critical regional energy infrastructure. The Houthi forces in Yemen also launched missile attacks on Saudi oil tankers off the Red Sea and the Gulf of Aden.