Iran-Qatar Talks Spark Oil Price Drop Amid Middle East Tensions
Oil prices fell for the fourth consecutive day on Thursday amid hopes that negotiations between Iran and Qatar could reopen the Strait of Hormuz, easing supply disruptions in the Middle East.
Brent crude futures dropped by 41 cents, or 0.5%, to $87.43 a barrel at 03:30 GMT (06:30 Kyiv time), while West Texas Intermediate crude futures fell 37 cents, or 0.5%, to $81.86 per barrel.
The Strait of Hormuz is a critical waterway that connects major oil producers in the Persian Gulf with markets and sources of revenue. Iran and Oman have proposed an interim agreement on its control, but the countries remain far apart in their demands for an end to hostilities.
Qatar's prime minister will travel to Iran on Thursday to resume diplomatic talks. While some investors expect a resolution, concerns about supply disruptions persist.