Crude oil prices fell on Thursday, partially reversing the previous session's 7% jump, as ongoing talks between Iran and Oman over Strait of Hormuz management raised hopes for the resumption of free gulf oil flows and investors took profits. WTI Crude Oil for September delivery was last seen trading down $0.65, or 0.77%, at $83.81 per barrel. Iran's Foreign Minister Esmaeil Baghaei stated that negotiations with Oman are continuing through several rounds, while Deputy Foreign Minister Kazem Saeed Gharibabadi said Iran has proposed a joint arrangement where Iran would manage vessel traffic in one direction and Oman in the opposite direction, after rejecting Oman's 50-50 joint management plan. The Strait of Hormuz has two established routes, with the northern route bordering Iranian waters and the southern route running through Oman's territorial waters. Attention is also shifting to the upcoming OPEC meeting on Sunday, where the group is expected to announce an output hike for September by 188,000 barrels per day, though it is reportedly planning to pause production increases for three months from October.