Oil Prices Stabilize as Iran-Oman Talks Continue Amid Regional Tensions
Oil prices stabilized on Thursday as negotiations between Iran and Oman to establish a shipping corridor through the Strait of Hormuz continued. The Brent crude benchmark traded at $79.54 per barrel, while West Texas Intermediate (WTI) stood at $75.27, both down more than 10% over the past seven days.
The two countries have agreed on geographical markers for a potential corridor, but negotiations on transit fees, vessel inspection protocols, and security frameworks remain ongoing. Iran's diplomatic representatives acknowledged that a collaborative statement was nearing completion, but cautioned that external parties might still obstruct finalization.
Despite progress in the talks, market participants remained skeptical, citing a previous memorandum of understanding between the two countries that ultimately collapsed. The Strait of Hormuz currently facilitates about 40% fewer petroleum and liquefied natural gas shipments than pre-conflict levels.