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

Qatar said August 4 that mediators are progressing toward ending the U.S.-Iran war and reopening the Strait of Hormuz, pushing oil prices down. The strait moves about a fifth of global oil and LNG. Past shifts — March's closure, April's reopening proposal, July's paid-access deal — each moved markets briefly. Only a sustained reopening would bring lasting price relief.