Oil prices slipped on Thursday, extending a run of losses, as hopes grew for a reopening of the key Strait of Hormuz amid diplomatic efforts involving Iran and Oman. A reopening could ease concerns over supply disruptions caused by the Middle East war.
Brent crude futures fell 60 cents, or 0.7%, to $87.24 a barrel, putting the benchmark on track for a fourth straight session of losses. West Texas Intermediate crude futures dropped 56 cents, or 0.7%, to $81.67 a barrel, marking a fifth consecutive decline.
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