Qatar-Iran Talks Fail to Boost Oil Prices Amid Ongoing Tensions

Oil prices slipped on Friday morning after Qatar and Iran held talks to de-escalate regional tensions, according to Arabian Gulf Business Insight. The discussions focused on creating a conducive environment for dialogue, including the proposed interim framework that would establish a temporary joint shipping corridor through the Strait of Hormuz.

The meeting also addressed efforts to clear the waterway of mines, which has been a point of contention in recent months. Brent crude futures fell 0.4 percent to $89.39, while US West Texas Intermediate slipped 0.4 percent to $83.20, bringing their losses over the past five days to nearly 6 percent.

In a separate development, President Donald Trump stated that the US is not currently engaging in talks with Iran and will focus on punishing Tehran economically. The US Treasury Secretary had announced Operation Economic Outcast earlier in the week, which has led to increased pressure on Iran from the international community.