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Qatar says Oman-Iran talks near critical juncture

WTI slid from an intraday high of $83.57 after the comments, even as it held most of Monday’s 6.6% gain.

Reported · Written up by our desk · Energy

Talks between Oman and Iran have reached an advanced stage, Qatar said, with the negotiations at a critical juncture, according to a Foreign Ministry spokesperson cited by FXStreet.

Majed al-Ansari said Doha wants the Strait of Hormuz reopened as soon as possible and stressed support for arrangements that guarantee security of the waterway and freedom of navigation, FXStreet reported.

FXStreet added that West Texas Intermediate fell sharply from an intraday peak of $83.57 after the remarks, with WTI trading around $81 at the time of writing and holding most of Monday’s 6.66% gain.

The outlet also noted that oil prices can react to geopolitical developments affecting supply and navigation routes, and it highlighted the role of the US dollar and weekly inventory reports in WTI moves.

Latest closeWTI crude $82.30 ▲5.3%

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