Oil prices fell on Thursday, continuing their downward trajectory in recent days, as upcoming talks between Iran and Qatar are expected to potentially lead to the opening of the strategic Strait of Hormuz and alleviate supply disruptions caused by the Middle East conflict.
Brent crude futures dropped 60 cents, or 0.7 percent, to $87.24 a barrel by 0004 GMT, marking the fourth consecutive day of decline. Similarly, West Texas Intermediate crude futures fell 56 cents, or 0.7 percent, to $81.67, extending their retreat for the fifth straight day.