Oil Prices Fall for Fourth Day Amid Hopes for Middle East Diplomacy
Oil prices continued their downward trend for a fourth consecutive session on Thursday, falling to $81.83 per barrel as markets remained optimistic about improving supplies from the Middle East.
A report indicated that Iran and Oman had reached an agreement on commercial shipping routes through the Strait of Hormuz, although Tehran warned that this might not lead to an immediate reopening of the crossing.
Despite wiping out 6% in value over the past three sessions, oil prices remained relatively stable after the US imposed stricter sanctions on Iran. However, other reports suggested a potential improvement in US-Iran relations, with Russian state media indicating that the two countries had reached a new ceasefire deal to be announced soon.
Pakistan, a key regional mediator, also flagged progress in peace talks with Iran.