Oil falls on US-Iran talks prospects
Oil prices declined today, Thursday, as investors awaited progress in negotiations between Iran and Oman, and as expectations grew that a deal could be reached between the United States and Iran to end the ongoing five-month conflict and open the Strait of Hormuz. Brent crude oil was priced at $78.98 per barrel, down 0.59%, while West Texas Intermediate (WTI) fell to $74.69, a decrease of 0.7%. The decline comes amid reports of an Iranian proposal to grant Tehran control over ships in the Gulf via the Strait of Hormuz, which raises concerns for the United States, emphasizing its stance against Iran controlling navigation in this critical energy corridor. Additionally, U.S. Energy Information Administration data showed that oil inventories increased by 2.5 million barrels to reach 407 million barrels, as markets continue to monitor developments that will determine the future of oil prices amid escalating tensions between Washington and Tehran.
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