Oil prices extended their decline on Thursday as hopes of renewed Middle East diplomacy raised expectations that the Strait of Hormuz could reopen, easing concerns over prolonged supply disruptions.

TOKYO, Aug 26 : Oil prices dropped about 2 per cent on Wednesday, adding to the previous session's losses, on fresh hopes the Strait of Hormuz could reopen after Iran said it had…

Brent crude dropped to $86.41 per barrel as Iran-Oman talks on a Strait of Hormuz maritime corridor lifted hopes for restored oil supply flows.

Oil prices have declined as discussions between Iran and Qatar may pave the way for reopening the crucial Strait of Hormuz. This reopening could alleviate supply issues arising…