Qatar Reports Mediation Progress on U.S.-Iran War, Oil Prices Fall

Qatar said on August 4 that mediators are making progress toward ending the U.S.-Iran war and reopening the Strait of Hormuz, driving oil prices lower. The strait carries about a fifth of global oil and LNG supply. It has cycled through effective closure in March, an Iranian reopening proposal in April, and a "for a fee" arrangement in July — each shift producing sharp but reversible market moves. Sustained reopening, not another temporary accommodation, is what would matter for durable relief.