BRENT CRUDE FALLS TO $79 AS IRAN-OMAN SHIPPING DEAL NEARS

Brent crude, the international benchmark for oil prices, fell towards $79 per barrel on Thursday morning, according to market reports. Oil prices have fluctuated around the $80 mark over the previous 24 hours following developments in the Middle East. Iran and Oman reported progress towards a deal governing shipping through the Strait of Hormuz, contributing to the broader price movement. Brent crude recorded a near 10 per cent loss for the week.

Tehran's foreign ministry spokesman Esmaeil Baqaei stated the deal with Oman was "in the final stages" but cautioned it would not guarantee safe navigation through the strait. Baqaei argued security remained affected by a US blockade of Iran's ports. Earlier, prices had risen briefly on Wednesday following an attack claimed by Iran-backed Houthi militants in Yemen, who said they targeted a Saudi oil tanker in the Gulf of Aden. Tehran officials stated the US was not involved in advancing the talks, contradicting statements from the White House.

US President Trump said on Wednesday that cancelled American strikes had been averted after talks, stating "a lot of progress had been made" towards reopening the Strait of Hormuz. Trump indicated an announcement regarding the situation could be made soon. UK stock futures rose on the same day, according to market reports reflecting optimism about the Middle East developments.