Oil Prices Fall as Hormuz Talks Weighed Amid Middle East War

Oil prices fell on Thursday as traders weighed the prospect of talks between Iran and Qatar opening the key Strait of Hormuz, which could reduce supply disruptions from the Middle East war.

Brent crude futures were down 60 cents, or 0.7%, to US$87.24 a barrel by 0004 GMT, extending a streak of multiple days of losses. West Texas Intermediate crude futures fell 56 cents, or 0.7%, at US$81.67, down for a fifth day.

The Strait of Hormuz carried oil and natural gas shipments equal to about one-fifth of global consumption before the US-Israeli war on Iran started on February 28. Since then, oil flows have dropped to about one-quarter of their pre-war level, according to ship-tracking data.