Oil Dips as Iran-US Talks Raise Gulf Supply Hopes

Oil prices fell after Iran signaled progress in peace talks with the US, boosting expectations of resumed Persian Gulf oil flows. Brent hovered near $79 a barrel and WTI around $75 as Hormuz transit activity increased, Iran ramped up crude shipments to China, and mediators outlined a 60-day roadmap to a final deal. A potential reopening of Hormuz could unleash up to about 80 million barrels, but lingering production, shipping, and security uncertainties keep the outlook uncertain.