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Oil prices extend decline as Qatar weighs Hormuz talks with Tehran
Brent traded around $87.5 per barrel and WTI near $81.8, even as the U.S. moves ahead with new sanctions aimed at Iran’s oil industry and other sectors tied to Hormuz.
Oil prices fell for a fourth straight day after news that Qatar’s prime minister plans to visit Tehran to discuss reopening the Strait of Hormuz, according to OilPrice. The report said discussions would center on Qatar’s continued role as a mediator and on developments in and around the waterway.
At the time of writing, Brent crude was trading around $87.46 per barrel and West Texas Intermediate around $81.83, despite a separate report about a tanker strike in Hormuz. OilPrice added that Iran’s foreign ministry said there was no further public detail about the visit beyond the mediation focus.
The source linked the cautious market mood to the broader escalation and counter-escalation around Hormuz. It said open hostilities are on pause while the United States decided to apply economic pressure through new sanctions targeting Iran’s oil industry and other key sectors, while Iran responded with a list of 45 tankers it said would be targeted if they violate navigation rules set earlier this year.
Oil traders are described as cautiously optimistic despite the tanker black list and reports of incidents in the waterway. OilPrice cited signals of progress from Pakistani sources and ongoing talks between Iran and Oman on joint management of the Strait of Hormuz.
Latest closeWTI crude $81.58 ▼0.9%|Brent $86.32 ▼2.5%