Beirut: Oil prices fell on Thursday, marking the fourth consecutive session of losses for Brent crude and the fifth for West Texas Intermediate. This decline is driven by optimism that diplomatic efforts involving Iran and Qatar may lead to the reopening of the Strait of Hormuz, potentially reducing energy supply disruptions tied to the ongoing conflict in the Middle East.
According to National News Agency - Lebanon, Brent crude futures experienced a drop of 60 cents, or 0.7%, settling at $87.24 per barrel. Similarly, West Texas Intermediate futures decreased by 56 cents, or 0.7%, to $81.67 per barrel.
In contrast, gold prices saw an increase following a decline of over 1% in the previous session. Market participants are closely monitoring upcoming remarks by US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. Spot gold increased by 0.5%, reaching $4,615.27 an ounce, while US gold futures rose by 0.4% to $4,669.50.