{
  "id": 3696304,
  "title": "Oil extends losses on hopes for Middle East talks to ease supply woes",
  "url": "https://urgent.news/2026/08/27/oil-extends-losses-on-hopes-for-middle-east-talks-to-ease-supply-woes-3696304",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-27T07:43:02.000Z",
  "source": {
    "name": "Adom Online",
    "slug": "adom-online",
    "url": "https://www.adomonline.com/oil-extends-losses-on-hopes-for-middle-east-talks-to-ease-supply-woes/"
  },
  "original_language": "en",
  "account": "Oil prices continued to decline on Thursday, as investors bet that talks between Iran and Qatar could soon allow the Strait of Hormuz to reopen and ease supply disruptions caused by the Middle East conflict. Brent crude futures fell 41 cents, or 0.5%, to $87.43 a barrel, while West Texas Intermediate crude futures dropped 37 cents, or 0.5%, to $81.86. This marks the fourth day of losses for Brent and the fifth day of losses for WTI. Iran and Oman are reportedly finalizing an agreement to control the Strait of Hormuz, following a deal between Iran's Revolutionary Guards and Qatar to share the waterway. Before the U.S.-Israeli war on Iran began on February 28, the strait handled oil and natural gas shipments equivalent to about one-fifth of global consumption. However, Iran's efforts to close the waterway have reduced oil flows to around one-quarter of pre-war levels. Senior commodity strategist Daniel Hynes of ANZ noted that the prospect of the Strait reopening has improved, but cautioned that concerns over oil market shortages persist. Qatar's prime minister is set to visit Iran to relaunch diplomatic talks aimed at ending the conflict, which has been ongoing for nearly six months. The U.S. has suspended its attacks on Iran for about a month and is seeking to increase economic pressure on Iran, which has raised expectations for an easing of Gulf supply disruptions. However, the countries remain far apart on their demands to resolve the fighting, with Iran continuing to target shipping in the Gulf and strait. Iran's officials have insisted that the strait will not reopen until the U.S. meets the terms of an interim ceasefire agreement struck in June, an agreement that has since collapsed. The ongoing tensions in the Middle East, along with the Russia-Ukraine war, continue to impact the diesel market. Damages to Middle East refineries in the conflict have also affected exports from Russia, a major global diesel supplier. U.S. distillate stockpiles, including diesel and heating oil, dropped by 2.2 million barrels in the week ending August 21 to 103.4 million barrels, marking the lowest level ever recorded for this time of year.",
  "summary": "Oil prices fell on Thursday, extending a streak of losses, on expectations that talks between Iran and Qatar might open the Strait of Hormuz and reduce supply disruptions from the war in the Middle East. Brent crude futures were down 41 cents, or 0.5%, to $87.43 a barrel at 0330 GMT, in line for a […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Oil extends losses on hopes for Middle East talks to ease supply woes",
        "url": "https://urgent.news/2026/08/27/oil-extends-losses-on-hopes-for-middle-east-talks-to-ease-supply-woes",
        "published": "2026-08-27T05:51:00.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "London shares pull back as easing Middle east oil panic trims energy majors",
        "url": "https://urgent.news/2026/08/27/london-shares-pull-back-as-easing-middle-east-oil-panic-trims-energy",
        "published": "2026-08-27T07:26:19.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}