Qatar Tries to Restart US-Iran Peace Talks Amid Sliding Oil Prices

Oil prices continued to slide on Thursday morning as Qatar's prime minister prepared to visit Iran in an effort to restart peace talks between Washington and Tehran.

The Brent crude futures fell 0.8 percent to $87.25, while US West Texas Intermediate slipped 0.7 percent to $81.63, both benchmarks down nearly 8 percent over the past five days but still more than 40 percent higher year to date.

Qatari Prime Minister Sheikh Mohammed Al-Thani will travel to Tehran on Thursday to discuss ways to 'de-escalate tensions and create conditions conducive to dialogue', according to foreign ministry spokesperson Majed Al Ansari, who noted the talks would cover freedom of navigation in the Strait of Hormuz and the need for it to return to its status quo before February 28.