Oil Prices Slip as Iran-Oman Talks Raise US-Iran Peace Hopes

Oil is a special liquid that powers cars, planes, and many machines, and countries buy and sell it around the world.

When people worry that oil might become hard to get, its price usually goes up.

This week, oil became a little cheaper on Thursday.

That is because Iran and Oman have been talking, and their talks made people hope that Iran and the United States might stop fighting.

The two countries have been in a conflict for five months, and a peace deal could let ships safely use an important water path called the Strait of Hormuz, where a lot of the world's oil travels.

A proposed agreement could let Iran watch over ships going through that waterway, and President Donald Trump said a deal to reopen it was close.

But some US officials said America would not agree to let Iran control that important route.

There are still worries, because Iran warned that fresh US attacks could lead to retaliation against oil facilities, and rebels in Yemen said they fired missiles at Saudi oil tankers.

So the price of oil went down a little, but people are still watching to see what happens next.