Oil prices drop as US-Iran agree to hold talks
Oil prices slipped 1.4% on Thursday after the US and Iran confirmed they'll meet for talks in Oman.
This move helped calm worries about possible disruptions to Middle East oil supplies, with Brent crude dropping to $68.47 a barrel and US crude falling to $64.23.
OPEC's Iran faces risks like possible US strikes
Oil had jumped 3% the day before on fears that US-Iran negotiations might collapse, but news of ongoing nuclear discussions—even with disagreements—helped steady things.
Iran, a major OPEC player, faces risks like possible US strikes and threats to exports through the Strait of Hormuz, a key route for global oil.
US oil inventories dropped last week thanks to winter storms
US oil inventories dropped last week thanks to winter storms, which usually pushes prices up a bit.
Still, tensions haven't vanished: there have been past incidents involving drones and threats to tankers.
Even so, both sides are sticking with diplomatic talks for now—so no immediate drama at the pumps.