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Oil falls further on Middle East talks
Oil prices have steadily declined, with expectations that negotiations between Iran and Qatar could lead to the reopening of the Strait of Hormuz and alleviate supply disruptions caused by the war in the Middle East. Iran and Oman are working on finalizing an agreement to manage navigation through the strait, following a reduction in oil flows to a quarter of their pre-war levels. Additionally, Qatar’s Prime Minister is heading to Tehran to initiate new talks aimed at ending the six-month-old conflict, amid market hopes that this will ease concerns over Gulf supply disruptions, despite ongoing risks related to Washington’s failure to fulfill its commitments regarding the ceasefire agreement.
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