Islamabad (Commerce Desk): Oil prices in the global market recorded a slight decline due to hopes of a possible agreement between the United States and Iran.
According to reports, progress in ongoing talks between Iran and Oman, along with the possibility of a peace agreement between the US and Iran, increased investor confidence, resulting in a decline in global oil prices.
Brent crude oil prices fell by 37 cents to $79.08 per barrel, while US West Texas Intermediate (WTI) crude oil declined by 53 cents to $74.69 per barrel.
The decline came at a time when Brent crude prices had previously recorded a slight increase.
Investors say that if an agreement is reached between the United States and Iran, tensions that have continued for several months could ease, and the possibility of normal maritime traffic through the Strait of Hormuz could increase.