Oil Prices Slip as Iran-Oman Talks Yield Progress on Hormuz Route

Oil prices have slipped as Iran and Oman reach an understanding on the geographic coordinates for a shipping route through the Strait of Hormuz. This development comes as investors wait with caution for signs of a US-Iran peace deal.

The Brent crude futures fell 33 cents, or 0.42%, to $79.12 a barrel, while US West Texas Intermediate (WTI) futures declined 42 cents, or 0.56%, to $74.80 a barrel.

Iran's Foreign Ministry Spokesperson Esmaeil Baghaei said that Iran and Oman have reached an understanding on the shipping route, pending certain conditions. 'Some selling pressure emerged following reports that talks between Iran and Oman are making progress,' said Yuki Takashima, economist at Nomura Securities.