Oil prices edged lower during early Asian trading as optimism grew over the potential reopening of the Strait of Hormuz, a critical waterway through which one-fifth of the world's petroleum is transported.
Analysts at ANZ Research noted that Iran has indicated an agreement with Oman on a proposed shipping route through the strait, though specific details remain to be finalized. "The inbound and outbound routes are reportedly within Iran's territorial waters in the northern part of the strait," the analysts said in a research note.
Front-month West Texas Intermediate crude futures fell 0.3%, settling at $74.98 per barrel.
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