Qatar-Iran Talks Drive Oil Prices Down Amid Shift in US Strategy

Oil prices dropped on Thursday as diplomatic efforts between Iran, Qatar, and Oman eased supply concerns.

The International benchmark Brent crude futures for November delivery traded at $85.80 per barrel, down 1.3% from the previous close of $86.94.

The visit by Qatari Prime Minister Mohammed bin Abdulrahman Al Thani to Tehran for talks on de-escalating regional tensions and advancing negotiations over the Strait of Hormuz contributed to the decline in oil prices.

US Secretary of State Marco Rubio reportedly told foreign ministers from allied countries that Washington plans to prioritize economic pressure over further military strikes as part of its strategy toward Iran.