Commodities
Oil Prices Decline as Qatar-Iran Talks Hinge on Hormuz Reopening
Oil prices extended losses on Thursday, August 27, as diplomatic efforts raised hopes of reopening the Strait of Hormuz. The potential for fewer disruptions to Middle East energy shipments encouraged expectations of a return to normalcy.
Brent crude futures fell by 41 cents, or 0.5%, to $87.43 a barrel at 03:30 GMT. US West Texas Intermediate (WTI) crude lost 37 cents, or 0.5%, to $81.86. Brent prices have now declined for four consecutive days, while WTI is approaching its fifth.
Qatar's prime minister, Sheikh Mohammed bin Abdulrahman al-Thani, plans to visit Tehran on Thursday to restart talks and end the conflict. The United States has paused attacks on Iran for about a month while pursuing greater economic pressure.