US-Iran war, Aug. 27 -- Oil prices declined on Thursday, extending their recent losing streak, amid hopes that talks between Iran and Qatar could lead to the reopening of the strategically important Strait of Hormuz and ease supply disruptions caused by the Middle East war.

Brent crude futures slipped 60 cents, or 0.7%, to $87.24 per barrel, marking their fourth consecutive day of losses. Meanwhile, West Texas Intermediate (WTI) crude futures dropped 56 cents, or 0.7%, to $81.67 per barrel, extending their decline to a fifth straight session.

Iran and Oman are in discussions to finalise the details of an agreement aimed at managing the Strait of Hormuz, a senior Iranian source said on Wednesday. The development came after Iran's Revolut...