Oil Prices Slide on Iran Deal Hopes

Oil prices dropped on Thursday as investors monitored progress in Iran-Oman negotiations. If successful, these talks could lead to a U.S.-Iran peace agreement and reopen the Strait of Hormuz.

Brent crude futures fell by 37 cents, or 0.5%, to $79.08 a barrel, while WTI crude futures dropped 53 cents, or 0.7%, to $74.69 a barrel.

According to Yuki Takashima, an economist at Nomura Securities, reports of progress in the Iran-Oman talks triggered fresh selling in the oil market, pushing prices back to levels seen after the interim peace agreement on June 17.