London, Aug 06 (V7N)- Global oil prices edged lower on Thursday as optimism grew over a possible agreement between the United States and Iran that could reopen the strategically important Strait of Hormuz and ease months of tensions affecting global energy supplies.
According to a Reuters report, investor sentiment improved following signs of progress in diplomatic discussions involving Iran and Oman, raising hopes that shipping through the key waterway could soon return to normal.
Latest market data showed that Brent crude futures, the international benchmark, fell 37 cents, or 0.5 percent, to $79.08 per barrel.
Meanwhile, US West Texas Intermediate (WTI) crude declined 53 cents, or 0.7 percent, to $74.69 per barrel.
In the previous trading session, Brent crude posted modest gains toward the close, while WTI settled slightly lower.
The Strait of Hormuz is one of the world's most critical maritime routes for oil exports, carrying a significant share of global crude and liquefied natural gas shipments. Markets have been closely monitoring diplomatic efforts, as any breakthrough could help stabilize energy supplies and reduce geopolitical risks in the region.
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