Oil Prices Slip Below $80 Per Barrel As Iran-Oman Talks Raise Hopes Of US-Iran Deal

Oil prices edged lower on Thursday as markets reacted to developments in Iran-Oman talks and assessed the possibility of a diplomatic breakthrough between the US and Iran that could end their five-month conflict and restore normal shipping activity through the Strait of Hormuz.

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

The decline came after reports suggested that negotiations between Iran and Oman were showing signs of progress.

MCX Crude Oil Futures Plunge Over 7% To Nearly Three-Week Low As US-Iran Talks Ease Global Supply Fears

Markets Watch Iran-Oman Talks, Strait Of Hormuz Developments