Oil Little Changed On Easing Supply Concerns

(RTTNews) - 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.

Official statements from Iran and Oman confirmed they had agreed on a temporary maritime route for ships travelling through the Strait of Hormuz, but Tehran said an agreement hasn't been finalized and that the talks were continuing on the details of an accord.

Qatar's Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani will visit the Iranian capital today in an effort to relaunch peace talks between the U.S. and Iran.

Elsewhere, Russia has warned it could strike British military targets inside and outside Ukraine over the U.K.'s support for Kyiv.

Russian Foreign Ministry spokeswoman Maria Zakharova told a news briefing that Britain and France were "playing with fire" by supplying sensitive missile technology to Ukraine.