Oil Prices Slide on Hopes for Middle East Talks

Oil prices continued their downward trend on Thursday, extending losses for the fourth day in a row. The decline was attributed to hopes that talks between Iran and Qatar could lead to the reopening of the Strait of Hormuz, which has been disrupted by the war in the Middle East.

The Brent crude futures price fell 41 cents to $87.43 a barrel, while West Texas Intermediate crude futures dropped 37 cents to $81.86. This comes after Iranian officials announced that Iran and Oman are finalizing details for an agreement to control the strait.

According to Daniel Hynes, senior commodity strategist at ANZ, 'crude oil edged lower as the prospect of the Strait of Hormuz reopening improved amid ongoing talks.' However, he cautioned that concerns over shortages in the oil market persist.