US-Iran war, Aug. 6 -- Oil prices eased on Thursday as investors weighed the possibility that ongoing Iran-Oman negotiations could lead to a US-Iran peace agreement, potentially bringing an end to the five-month conflict and allowing the reopening of the Strait of Hormuz.

Brent crude futures slipped 37 cents, or 0.5%, to $79.08 a barrel, while US West Texas Intermediate (WTI) crude futures fell 53 cents, or 0.7%, to $74.69 a barrel. In the previous session, Brent posted a marginal gain, whereas WTI settled slightly lower.

Investor sentiment remained cautious amid fresh geopolitical developments in the Middle East. According to a Reuters report, a proposed agreement involving Iran and Oman to ease the US-Iran conflict could allow Tehran ...