Oil Prices Rise as Iran-Oman Talks Leave Investors Cautious

Oil prices rose on Thursday as investors remained cautious about the outcome of Iran-Oman talks and their potential impact on oil flows through the Strait of Hormuz.

The Brent crude futures gained $0.48, or 0.60%, to $79.93 a barrel by 0755 GMT, while US West Texas Intermediate futures added $0.29, or 0.39%, to $75.51 a barrel.

Tim Waterer, chief market analyst at KCM Trade, said 'traders still remember the short-lived Memorandum of Understanding signed in June, so there is understandable anxiety that any new deal could prove equally fragile.'

Iran and Oman have reached an understanding on the geographic coordinates for a shipping route through the Strait of Hormuz, which handles about one-fifth of global daily oil and liquefied natural gas supplies.