Oil Prices Under Pressure Amid Rising Hopes for US-Iran Deal

Oil prices are under pressure as hopes rise for a deal between Iran and Oman to resume energy flows through the Strait of Hormuz.

The market is pinning its hopes on a US-Iran agreement that would ease inflation, with gold rallying more than 4% on Wednesday and continuing its strength into Thursday morning. The price of gold has moved closer to $4,300/oz as optimism about the deal grows.

ICE Brent crude oil prices remain below $80/bbl, but analysts are watching the situation closely as a resolution would have significant implications for energy markets.