Global oil prices dipped Wednesday after top officials from Iran and Oman said they had advanced talks on managing traffic through the Strait of Hormuz by creating a temporary shipping lane and coordinating mine-clearing efforts.
Crude oil prices extended their decline for the fourth day today on news that Qatar’s Prime Minister will visit Tehran today to discuss the possibility of reopening the Strait of Hormuz. At the time of writing, Brent crude was trading at $87.46 per barrel, with West Texas Intermediate at $81.
Iran's top diplomat met his Qatari counterpart on Thursday in Tehran for talks on the strategic Strait of Hormuz, as a US naval blockade squeezes oil supplies to Iran amid a domestic shortfall.