Crude oil prices dipped slightly in international markets following reports of progress in discussions between Iran and Oman regarding the Strait of Hormuz.

Investors anticipate that a successful outcome could pave the way for a peace agreement between the United States and Iran, easing long-standing tensions and restoring normal shipping operations through the vital waterway.

British news agency Reuters reported this information.

According to the report, at 00:24 Greenwich Mean Time on Thursday (August 6), international benchmark Brent crude futures fell by 37 cents, or 0.5%, to $79.80 per barrel.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures dropped by 53 cents, or 0.7%, standing at $74.69 per barrel.

On Wednesday (August 5), Brent crude had ended trading with a marginal increase, while WTI crude closed with a slight decline.

Market analysts suggest that a potential peace pact between Washington and Tehran could bring an end to the conflict that has persisted for the past five months, while also allowing the Strait of Hormuz—one of the world's most critical energy transit routes—to reopen fully for unhindered maritime traffic.