On Thursday during Asian trading, oil prices slipped slightly as investors weighed the likelihood of further US?Iran peace talks before the temporary ceasefire expires next week. Caution also remained ahead of key Chinese economic growth data, with China the world's largest oil importer.

West Texas Intermediate (WTI) futures fell 0.4% to $90.90 a barrel at 03:42 (23:42 GMT). Price moves were set against a backdrop of nervousness about potential disruptions to logistics and supply related to the war around Iran.

Earlier this week, oil had posted sharp losses after US officials again raised the prospect of a diplomatic breakthrough following fruitless talks over the weekend. US President Donald Trump said talks could begin in the coming days and that the end of the war is "close."

At the same time, Washington indicated it has effectively imposed a full naval blockade on Iran, a measure that could complicate negotiations and raise risks to maritime infrastructure in the region.

Traders are closely watching the Strait of Hormuz — a key chokepoint for oil and gas shipments. Reports said some vessels and oil tankers have transited the Strait this week. Reuters also reported that Iran might consider allowing vessels to pass freely on the Omani side of Hormuz without threat of attack as part of a future peace deal.

Although the fragile ceasefire between Washington and Tehran reportedly held into Thursday (with no new strike reports since late last week), it is set to expire on April 21.

Separately, reports on Wednesday suggested the US plans to deploy more than 10,000 additional service members to the region — stoking fears of further escalation.

Since the start of the Iran conflict, oil briefly rose to $120 a barrel, but that rally has struggled to hold. Pressure has come from large releases of crude from strategic reserves in major economies. Warnings from the IEA and OPEC about weaker demand due to disruptions tied to the Iran conflict have added to the negative backdrop.

A critical market issue remains Washington's stance on any ceasefire deal: the US insists on full reopening of transit routes as part of an agreement.

For traders, this means that even if rhetoric about talks continues, actual price dynamics will hinge on any signals about the status of Hormuz and conditions for vessel access, as well as upcoming Chinese macro releases.