Oil set for 4% monthly loss as Iran-Oman talks weigh on prices

Crude oil slipped below $81 per barrel in electronic trading on Thursday and is on track to end the month down nearly 4%, pressured by signs of diplomatic progress in the Middle East. Iran and Oman have advanced discussions on a temporary navigational corridor and revenue-sharing arrangements for the Strait of Hormuz, although Tehran cautioned that reopening the crucial waterway would require further agreements. The strait previously handled around 20% of global oil and LNG shipments, making any progress toward restoring navigation significant for supply concerns. Meanwhile, the shift toward economic sanctions rather than further military escalation has eased fears of a prolonged supply disruption, weighing on oil prices for several consecutive sessions. In India, MCX October crude oil futures traded nearly 2% lower at around ₹7,760 per barrel.

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