Oil Prices Slide as Iran-Oman Talks Spark Hopes for US-Iran Peace Deal

Oil prices slipped on Thursday as investors assessed whether progress in Iran-Oman talks could pave the way for a US-Iran peace deal to end the five-month war and reopen the Strait of Hormuz.

Brent crude futures fell 37 cents, or 0.5%, to $79.08 a barrel by 0024 GMT, while U.S. West Texas Intermediate futures declined 53 cents, or 0.7%, to $74.69 a barrel.

Say Yuki Takashima, economist at Nomura Securities, 'Some selling pressure emerged following reports that talks between Iran and Oman are making progress.'

Prices have returned to the levels seen when the US and Iran signed an interim peace agreement on June 17, with investors closely watching whether the two sides can reach a final deal.