Global crude oil prices fell again on Friday, August 28, as hopes grew for the reopening of the Strait of Hormuz. The information was reported by the Qatar-based news outlet Al Jazeera.
Brent crude fell 25 cents, or 0.3 percent, to $89.45 a barrel early Friday Bangladesh time. Meanwhile, the U.S. benchmark West Texas Intermediate (WTI) also fell 22 cents, or 0.3 percent, to $83.31.
For the week so far, Brent has fallen roughly 5.3 percent and WTI 4.3 percent.
After a modest rebound the previous day, international crude oil prices fell again Friday.
Meanwhile, following requests from mediators, Iran has entered talks with Qatar to reopen the Strait of Hormuz. Iran has set several conditions in exchange for opening the strait, including the lifting of sanctions and economic pressure imposed by the United States.
Mohsen Rezaee, secretary of Iran’s Supreme National Security Council, said the United States must first take concrete action to meet these conditions. Only then, he said, would Tehran decide on reopening the Strait of Hormuz.
According to Rezaee, one of Iran’s main demands is an end to the ongoing war in the Middle East. Alongside this, discussions also include the withdrawal of the U.S. naval blockade on Iran, compensation for damages, and the lifting of sanctions.