International oil prices edged lower after reports of progress in talks between Iran and Oman over the Strait of Hormuz. By Thursday morning, August 6, 2026, Brent crude futures had fallen 37 cents, or 0.5%, to $79.8 a barrel, according to Reuters.

US West Texas Intermediate crude futures also declined, dropping 53 cents, or 0.7%, to $74.69 a barrel. Investors hope the discussions could help create a path toward a peace agreement between the United States and Iran.

The report said such an agreement could end a conflict that has lasted five months and allow navigation through the Strait of Hormuz to return to normal. At the close of trading on Wednesday, Brent crude had risen slightly, while WTI crude finished the day marginally lower.