US-Iran Deal Hopes Send Oil Prices Lower on Global Energy Corridor Concerns

Oil prices have eased slightly as investors weigh the possibility of an agreement between the United States and Iran to reduce tensions in the region.

The Strait of Hormuz, a critical global energy corridor, has been subject to disruptions due to the conflict, causing concerns about oil supplies and transportation.

Brent crude fell by 37 cents, or 0.5%, to $79.08 per barrel, while US West Texas Intermediate (WTI) crude declined by 53 cents, or 0.7%, to $74.69 per barrel.

Traders are closely monitoring diplomatic developments between Iran, Oman, and the United States for indications that tensions could ease and oil supplies become more secure.