Oil Prices Slip as Iran Cites Progress in Oman Talks

Oil prices slipped on Thursday as Iran cited progress in talks with Oman on an agreement to reopen the Strait of Hormuz, a crucial waterway for global energy supplies.

The Brent crude futures price fell by $0.33, or 0.42%, to $79.12 per barrel, while US West Texas Intermediate futures declined by $0.42, or 0.56%, to $74.80 per barrel, according to Reuters.

Iran's Foreign Ministry spokesperson Esmaeil Baghaei said that Iran and Oman have reached an understanding on the geographic coordinates for a shipping route through the Strait of Hormuz, pending certain conditions.

Economist Yuki Takashima from Nomura Securities attributed the decline in oil prices to reports that talks between Iran and Oman are making progress, which has led investors to cautiously wait for signs of a US-Iran peace deal.