Oil Prices Fall Fourth Day Amid Hopes for Improved M.East Supplies

Oil prices declined for the fourth consecutive session on Thursday as markets remained hopeful 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 may not lead to an immediate reopening of the crossing.

The price of oil fell 0.5% to $81.83 a barrel by 23:51 GMT, after dropping around 6% in the past three sessions.

Despite stricter US sanctions on Iran, Tehran had largely dismissed these measures and warned of retaliation.