Hopes for Strait of Hormuz reopening push oil prices lower

Oil prices fell on August 27, extending their decline amid expectations that talks between Iran and Qatar could lead to the reopening of the Strait of Hormuz and ease disruptions to crude supplies caused by the conflict in the Middle East, Reuters reports.

Brent crude futures fell 41 cents, or 0.5%, to $87.43 per barrel as of 03:30 GMT, marking their fourth consecutive session of losses.

West Texas Intermediate (WTI) crude futures declined by 37 cents, or 0.5%, to $81.86 per barrel, putting the benchmark on track for its fifth straight session of losses.