Oil prices drop on Strait of Hormuz hopes

Oil prices have once again declined today, Thursday, amid expectations that talks between Iran and Qatar may lead to the opening of the Strait of Hormuz and reduce supply disruptions caused by the Middle East war. Brent crude dropped to $87.24 per barrel, while West Texas Intermediate fell to $81.67, continuing a downward trend over several days. Iranian sources confirmed that Iran and Oman are finalizing details of a deal to share control of the Strait of Hormuz, which previously accounted for one-fifth of global oil shipments before dropping to a quarter of that level prior to the war.

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