Oil drops as US-Iran talks boost outlook

Oil prices declined today, Thursday, amid expectations that progress in talks between Iran and Oman could pave the way for a deal between the United States and Iran to end the five-month-long conflict and reopen the Strait of Hormuz. Before 00:24 GMT, Brent crude futures fell by 0.5% to $79.08 per barrel, while U.S. West Texas Intermediate futures dropped by 0.7% to $74.69. This decline follows a slight increase on Wednesday, amid prospects of common interests among the involved parties and concerns about its impact on global oil supplies.

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