Iran-Qatar Talks Boost Hopes for Reopening of Key Oil Route

Oil prices have continued to fall amid expectations that talks between Iran and Qatar may lead to the reopening of the Strait of Hormuz.

The Strait, which connects major oil producers in the Persian Gulf with export markets, has been a key point of contention in the conflict between Iran and the US, leading to supply disruptions and increased tensions in the region.

Brent crude futures fell by 41 cents (0.5%) to $87.43 per barrel on Thursday, continuing their decline for the fourth consecutive day, while West Texas Intermediate (WTI) crude oil futures fell by 37 cents (0.5%) to $81.86, continuing their decline for the fifth consecutive day.

A senior Iranian source told Reuters that Iran and Oman are working to finalize an agreement on control of the Strait of Hormuz, with the two countries having agreed on the terms for joint use of the waterway and the distribution of revenues from it.