Oil Prices Influenced by Progress in Iran-Qatar Talks and Hormuz Strait Status

Oil prices continued their decline for the third consecutive day on Thursday, following Qatar's announcement of progress in indirect talks between the United States and Iran. These discussions primarily focused on ensuring the security of the Strait of Hormuz, a crucial waterway through which approximately one-fifth of global oil supplies passed before the recent conflict erupted. A spokesperson for the Qatari Ministry of Foreign Affairs stated in a post on the 'X' platform that the talks had made "positive progress" regarding issues related to the memorandum of understanding that halted hostilities in June. However, the spokesperson noted that no substantial progress had been made towards achieving a lasting peace in the region. By 02:56 GMT, Brent crude futures fell by 77 cents to $70.80 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped by 84 cents, registering $67.74 per barrel. Both benchmark crude prices had also experienced similar declines in Wednesday's session, reaching their lowest levels in four months.