Crude oil prices fall below $80 per barrel

Crude oil prices slipped under $80 per barrel on Thursday, sending global markets into a muted rally as traders weighed the possibility of a major maritime agreement that could liberalise shipping through the Strait of Hormuz.

The benchmark Brent contract fell more than 3 % in early trade, closing at $79.87 a barrel, a sharp drop from the $83 range that had dominated the week as political tensions in the Persian Gulf hovered.

In parallel, Qatar’s foreign ministry released an update on talks with Iran and Oman, indicating that discussions over a potential opening of the strait were progressing. The optimism surrounding the negotiations helped propel prices lower, as market participants moved to price in a possible lift in Gulf supply.

Strategic petroleum reserve managers and traders alike kept a close eye on the unfolding developments, with analysts suggesting that even a modest increase in oil output from the region could widen market depth and support a sustained downward bias in futures pricing.

Implications for the market

If the deal does eventually materialise, specialists forecast that near‑future contract prices could settle in the low‑to‑mid $70s, reflecting a broader expectation that the easing of transit restrictions would gradually increase global supply.