West Asia LIVE: Oil prices slip as Iran-Oman talks fuel hopes for U.S.-Iran peace deal

Home News World Iran said on Wednesday (August 5, 2026) it is in the “final stage” of drafting an agreement with Oman over the Strait of Hormuz Updated - August 06, 2026 08:25 am IST Vessels in the Strait of Hormuz. File | Photo Credit: Reuters Oil prices slipped on Thursday (August 6, 2026) as investors assessed whether progress in Iran-Oman talks could pave the way for a U.S.-Iran peace deal to end the five-month war and reopen the ‌Strait of Hormuz.Brent crude futures fell 37 cents, or 0.5%, to $79.08 a barrel by 0024 GMT. U.S. ⁠West Texas Intermediate futures declined 53 cents, or 0.7%, to $74.69 a barrel. Brent settled up slightly on Wednesday (August 5, 2026), while WTI edged lower.Also read | What’s at stake in the latest U.S.-Iran talks?Iran said on Wednesday (August 5, 2026) it is in the “final stage” of drafting an agreement with Oman over the Strait of Hormuz, and U.S. President Donald Trump has said a deal could be announced this week. That could potentially reopen the critical waterway, ease pressure on the world economy and help bring an end to the war.Also read | Losing a war, refusing it to see it But the agreement is likely to be contingent on the U.S. lifting its blockade on Iran’s ports. The Trump administration has previously ruled out any deal that would cement Iran’s grip over the strait, which would amount to a major loss for the U.S. and a break with global norms.August 06, 2026 08:25 Gold touches seven-week peak on Strait of Hormuz reopening hopesGold advanced for a fourth straight session on Thursday (April 6, 2026)and touched its highest level in seven weeks, helped ⁠by weaker oil prices, a softer dollar and lower Treasury yields, on growing hopes over the Strait of Hormuz reopening.Spot gold was up 1% at $4,285.84 per ‌ounce by 0132 GMT, the highest level since June 18. On Wednesday, bullion posted its biggest daily gain since February.U.S. gold ‌futures rose 0.9% to $4,345.80.- ReutersAugust 06, 2026 08:22 Oil prices slip as Iran-Oman talks fuel hopes for U.S.-Iran peace deal Oil prices slipped on Thursday (August 6, 2026) as investors assessed whether progress in Iran-Oman talks could pave the way for a U.S.-Iran peace deal to end the five-month war and reopen the ‌Strait of Hormuz.Brent crude futures fell 37 cents, or 0.5%, to $79.08 a barrel by 0024 GMT. U.S. ⁠West Texas Intermediate futures declined 53 cents, or 0.7%, to $74.69 a barrel. Brent settled up slightly on Wednesday, while WTI edged lower.“Some selling pressure emerged following ‌reports that talks between Iran and Oman are making progress,” said Yuki Takashima, economist at Nomura Securities.- Reuters Published - August 06, 2026 08:12 am IST