Commodities
Hormuz Talks Send Oil Prices Lower for Fourth Straight Day
Oil prices have been falling for several days, and on August 27, they dropped even further due to hopes that negotiations between Iran and Qatar could lead to the reopening of the Strait of Hormuz.
The Strait is a critical waterway through which oil supplies pass from the Middle East. Its closure has disrupted crude shipments, contributing to recent price drops.
Brent crude futures fell by 41 cents, or 0.5%, to $87.43 per barrel as of 03:30 GMT, marking their fourth consecutive session of losses.
West Texas Intermediate (WTI) crude futures declined by 37 cents, or 0.5%, to $81.86 per barrel, putting the benchmark on track for its fifth straight session of losses.