Oil Prices Slip as Iran-Oman Talks Fuel Hopes for US-Iran Peace Deal

Oil prices slipped on Thursday as investors assessed whether progress in Iran-Oman talks could lead to a US-Iran peace deal and end the five-month conflict.

Brent crude futures fell 37 cents, or 0.5%, to $79.08 per barrel by 0024 GMT, while WTI futures declined 53 cents, or 0.7%, to $74.69 a barrel.

According to Yuki Takashima, economist at Nomura Securities, some selling pressure emerged following reports that talks between Iran and Oman are making progress.

Takashima noted that 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.