Oil falls as US-Iran talks progress
Oil prices declined today, Thursday, amid hopes of reaching an agreement between the United States and Iran to end the five-month-long conflict and reopen the Strait of Hormuz. Brent crude fell by 0.5% to $79.08 per barrel, while US West Texas Intermediate decreased by 0.7% to $74.69 per barrel. Reports of progress in talks between Iran and Oman suggest Tehran may gain control over Gulf ships, raising concerns about potential disruption to the balance in the energy market. Meanwhile, US oil inventories increased by 2.5 million barrels to 407 million, surpassing analysts' expectations.
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