Oil Prices Tumble as Hormuz Talks Gain Momentum
Oil prices declined on Thursday as investors weighed reports of progress in talks between Iran and Oman that could help pave the way for a broader U.S.-Iran peace agreement and the reopening of the Strait of Hormuz, easing concerns over global energy supplies.
Currently, Brent crude futures are up 0.19% at $79.60 per barrel, while West Texas Intermediate (WTI) crude futures are up by $0.09, or 0.12%, to $75.31 per barrel, according to data by Mettis Global.
Market sentiment weakened after reports suggested the negotiations were advancing, prompting investors to reassess geopolitical risk premiums that had supported oil prices in recent months.
Crude prices have largely retreated to levels seen after the United States and Iran reached an interim peace agreement on June 17. Markets are now focused on whether both sides can conclude a permanent settlement.