Oil prices slide as Iran, Qatar talks raise Strait of Hormuz reopening hopes

Oil prices fell for a fourth consecutive session on Thursday, with Brent crude down 60 cents to $87.24 a barrel, on hopes that talks between Iran and Qatar could reopen the Strait of Hormuz and ease supply disruptions from the West Asia war. West Texas Intermediate crude fell 56 cents to $81.67, marking a fifth day of losses. A senior Iranian source said Iran and Oman are finalizing an agreement to control the strait, which carried about one-fifth of global oil and gas consumption before the conflict began on February 28, with flows now down to a quarter of pre-war levels. Qatar's prime minister will visit Iran on Thursday to restart diplomatic talks, though the countries remain far apart on demands. US distillate stockpiles fell by 2.2 million barrels to 103.4 million in the week to August 21, the lowest ever recorded for this time of year, reflecting war-related refinery damage.