Brent, the benchmark oil price, continued its downward trend following an improvement in ship traffic through the Strait of Hormuz and expectations of positive negotiations between Iran and Qatar, reaching $86.75 on Thursday.

Over the course of the day, oil prices fell by more than $1 compared with Wednesday and by about $8 compared with last week.

Following the recent trips to Tehran by Oman’s foreign minister and Pakistan’s army chief, Ismail Baghaei, the spokesperson of Iran’s Ministry of Foreign Affairs, said on Wednesday that Qatar’s prime minister is also expected to travel to Tehran soon.

At the same time, Qatar’s foreign minister, in a call with his Iranian counterpart, emphasized Doha’s support for all diplomatic efforts and measures aimed at reaching a solution to ensure freedom of navigation and to provide the groundwork for a comprehensive agreement to establish lasting peace in the region.