Oil rises as Hormuz reopening talks gain traction

Oil prices recovered Thursday after early losses, with Brent rising 0.58% to $88.35 a barrel and WTI up 0.22% to $82.41, as traders considered potential progress on reopening the Strait of Hormuz. Prices had fallen earlier, with Brent dipping to $86.22 before rebounding on mixed supply outlook signals. Qatar's prime minister plans to visit Iran Thursday to relaunch talks ending the nearly six-month-old U.S.-Israeli conflict that has effectively closed the strait for Gulf energy exports. A senior Iranian source said Iran and Oman are finalizing details of a strait-control agreement, though analysts warn optimism around a deal may be premature. The strait handled about one-fifth of global daily oil and LNG supplies before late February, with U.S. strategic petroleum reserve releases helping compensate for disruptions. Analysts note those sales will end soon, risking faster inventory declines, while Iran's nuclear program and regional leverage keep prolonged uncertainty likely.