Oil Prices Fall on Middle East Diplomatic Hopes
Oil prices fell for a fourth consecutive day on Thursday amid hopes for eased supply disruptions in the Middle East, following a reported Iran-Oman agreement on shipping routes through the Strait of Hormuz. West Texas Intermediate futures dropped 0.5% to $81.83 per barrel, extending a roughly 6% decline over the previous three sessions. The price slide occurred despite new US sanctions on Iran, which Tehran condemned and threatened to retaliate against. Russian state media reported a US-Iran ceasefire deal could be announced soon, while Pakistan signaled progress in peace talks. However, shipping data shows traffic through the strait remains a fraction of pre-conflict levels, with Iran accusing the US of blocking an Oman-brokered reopening.