Iran-Qatar Talks Ease Oil Market Jitters
Oil prices have extended their losses for a fourth day as talks between Iran and Qatar show promise of reopening the Strait of Hormuz, a key waterway in the Middle East. The talks aim to ease supply disruptions caused by the ongoing conflict.
The Brent crude futures price fell by $0.60 or 0.7% to reach $87.24 per barrel, while West Texas Intermediate crude futures dropped by $0.56 or 0.7% to $81.67 per barrel.
Iran and Oman are working on finalizing an agreement to control the Strait of Hormuz, which carried oil and natural gas shipments equivalent to one-fifth of global consumption before the conflict started.
However, ANZ's senior commodity strategist Daniel Hynes cautioned that concerns over oil market shortages persist despite improved prospects for reopening the waterway.