WTI Oil Price Slips Below $81.50 Amid Middle East Diplomacy

Crude oil prices declined on Thursday as diplomatic efforts in the Middle East showed signs of progress. The West Texas Intermediate (WTI) oil price slipped below $81.50 per barrel, trading at around $81.30 during Asian hours. This comes after Iran and Oman reached an agreement over each country's share of the Strait of Hormuz's waters and related revenues.

Tehran cautioned that reopening the crucial waterway would require more than just an agreement with Oman. Meanwhile, US President Donald Trump said 10 million barrels of oil had passed through Hormuz on Tuesday, while reiterating claims that mines in the waterway had been cleared.

Oil prices have also come under pressure this week after fresh US economic sanctions on Iran proved less aggressive than markets had feared. The White House so far spared Iran's trading partners from tougher measures.