New Delhi, April 16 -- Global oil prices traded marginally lower on Thursday morning despite continued tensions over curtailed traffic through the Strait of Hormuz.

While market sentiment remains impacted by supply concerns, hopes of the ceasefire holding through 21 April and another round of Iran-US peace talks weighed on prices.

At 7:30 AM, the June contract of Brent on Intercontinental Exchange was trading at $94.68, lower by 0.26% from its previous close. The May contract of West Texas Intermediate on the NYMEX fell 0.36% to $90.96 a barrel.

A high-level delegation led by Pakistani army chief Asim Munir reached Iran on Wednesday and held talks with Iranian officials on the possibility of a new round of negotiations between Tehran a...