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Oil declines amid Middle East talks
Oil prices have steadily declined, supported by expectations of a potential reopening of the Strait of Hormuz following talks between Iran and Qatar, aimed at reducing supply disruptions caused by the war in the Middle East. Brent crude dropped to $87.43 per barrel, while West Texas Intermediate gas fell to $81.86, with losses continuing over several days. Iran and Oman are working to end management of navigation in the strait, while markets anticipate that Gulf supply restrictions may be eased after US attacks on the region have ceased for a month. However, risks remain, as Iran has conditioned the reopening of the strait on Washington fulfilling its commitments to the June ceasefire agreement.
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