Oil prices slip as Iran-Oman talks fuel hopes for US-Iran peace deal

Oil prices fell as markets reacted to ongoing discussions between Iran and Oman. The negotiations could pave the way for a peace agreement between the United States and Iran, potentially reopening the critical Strait of Hormuz. Reports suggest progress towards a deal that would allow Iran to oversee shipping operations, although Houthi attacks in the Red Sea and Gulf of Aden continue to dampen hopes for shipping stability.