Brent Crude Falls to $87 on Hopes Iran-Qatar Talks Could Reopen Strait of Hormuz

Oil prices extended their losing streak for a fourth consecutive day on Thursday, with Brent crude futures falling 60 cents, or 0.7%, to $87.24 per barrel. The declines were driven by expectations that talks between Iran and Qatar could reopen the Strait of Hormuz, a critical chokepoint for global oil flows that has been disrupted by the ongoing US-Iran conflict. Markets interpreted the prospect of diplomatic progress as a sign that Middle East supply disruptions may ease, weighing on prices that had previously been elevated by the war premium.