India, Aug. 27 -- Oil prices were slightly higher on Thursday after falling for three straight sessions on signs of diplomatic progress in the Middle East over the Strait of Hormuz, a key waterway through which one-fifth of the world's oil is transported.
Brent crude futures edged up 0.1 percent to $87.91 a barrel while WTI crude futures were down 0.1 percent at $82.13 a barrel.
Media reports suggest that the U.S. and Iran have reached an interim ceasefire agreement that includes guarantees for unhindered commercial navigation through the Strait of Hormuz.
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