Oil prices are falling as traders bet that Qatari, Omani and Pakistani diplomacy could help reopen the Strait of Hormuz despite continued shipping attacks and U.S.-Iran tensions.

Crude has fallen this week as diplomatic efforts gained traction and the threat of renewed military escalation faded

Oil prices fell as Iran and Oman advanced talks on a temporary Hormuz shipping corridor, though analysts warned that normal oil flows remain distant.

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…