Qatar seeks to restart US-Iran peace talks as oil slides

Oil prices continued to fall on Thursday morning as Qatar’s prime minister prepared to visit Iran in a bid to restart peace talks between Washington and Tehran.

Brent crude futures fell 0.8 percent to $87.25, while US West Texas Intermediate slipped 0.7 percent to $81.63.

Both benchmarks are down nearly 8 percent over the past five days, though they remain more than 40 percent higher year to date.

Qatari Prime Minister Sheikh Mohammed Al-Thani will travel to Tehran on Thursday to discuss ways to “de-escalate tensions and create conditions conducive to dialogue”, foreign ministry spokesperson Majed Al Ansari said in a social media post.

The talks will cover freedom of navigation in the Strait of Hormuz and the need for it to return to the status quo before February 28, Al Ansari said.

Oman and Iran confirmed on Tuesday that they were working on a framework that includes establishing a temporary joint navigational corridor and launching a project to clear the waterway of mines.

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After US treasury secretary Scott Bessent announced Operation Economic Outcast on Monday, Iranian foreign minister Abbas Araghchi urged the UN Security Council to intervene, calling the sanctions a violation of the UN charter, the state-run IRNA news agency reported.

An unknown projectile hit a tanker in the strait, the United Kingdom Maritime Trade Operations said on Thursday.

All crew members are safe, and no environmental impact has been reported.

Visible commodity vessel transits at Hormuz totalled 10 on Wednesday, Reuters reported, up slightly from eight on Tuesday, citing data from Kpler.

In regional stock markets, Saudi Arabia’s benchmark index closed 0.3 percent higher on Wednesday, supported by mining major Maaden and telco Mobily.

Dubai’s stock market rose 0.6 percent, led by toll operator Salik and contractor Alec Holding. However, Abu Dhabi’s index slipped 0.3 percent, pulled down by heavyweights Adnoc Gas and IHC.