Oil Prices Drop as Iran-Qatar Talks Spark Hope for Strait of Hormuz Reopening

Oil prices continued their decline on Thursday, extending a streak of multiple days of losses, as talks between Iran and Qatar sparked hopes that the key Strait of Hormuz would reopen and reduce supply disruptions from the Middle East war.

Brent crude futures fell by $0.60, or 0.7%, to $87.24 a barrel at 0004 GMT, marking its fourth consecutive day of losses. West Texas Intermediate crude futures also declined, dropping $0.56, or 0.7%, to $81.67.

The decline in oil prices follows expectations that negotiations between Iran and Qatar may lead to the reopening of the Strait of Hormuz, a critical waterway for global energy supplies.