US-Iran Talks on Hormuz Deal Send Oil Prices into Free Fall

Oil prices slipped on Friday, halting a two-day climb, after reports that the US and Iran were exploring a deal to reopen the Strait of Hormuz.

The development overshadowed the lack of an official diplomatic breakthrough between Washington and Tehran this week.

A phased agreement would involve Iran reopening the strait in exchange for the US lifting its economic blockade, according to Reuters.

Despite the reported talks, analysts remain cautious, pointing out that trust issues and previous failed attempts at a ceasefire are significant obstacles.