Oil drops as Strait of Hormuz hopes grow
Oil prices declined today, Thursday, continuing a downward trend that has persisted for several days, due to potential expectations of de-escalation and opening the Strait of Hormuz through talks between Iran and Qatar. This could reduce disruptions to regional oil supplies. Brent crude fell by 0.46% to reach $87.44 per barrel, while West Texas Intermediate decreased by 0.52% to $81.80. Iran and Oman are working on reaching an agreement regarding the management of the Strait of Hormuz, and Qatar is preparing to resume dialogue with Iran. Meanwhile, the United States remains hesitant to apply strong pressure, which has contributed to a reduction in flows through the strait to about a quarter of their pre-war levels.
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