Early Friday Bangladesh time, Brent crude prices fell 25 cents, or 0.3 percent, to $89.45 per barrel. During the same period, the US benchmark West Texas Intermediate (WTI) fell 22 cents, or 0.3 percent, to $83.31.
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Oil prices fall again in global market as prospect of opening Strait of Hormuz emerges
So far this week, Brent has fallen about 5.3 percent and WTI has fallen 4.3 percent.
After requests from mediators, Iran has begun talks with Qatar about reopening the Strait of Hormuz. However, Tehran has set several conditions for reopening the strait, including the US lifting sanctions and economic pressure.
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Iran's Supreme National Security Council secretary Mohsen Rezaei said the US must first take practical steps to meet Iran's conditions. These include ending the ongoing war in the Middle East, lifting the US naval blockade, compensation, and withdrawal of sanctions.
As the Strait of Hormuz is one of the world's most important energy transport routes, the possibility of it reopening is having a major impact on the international oil market. However, no final decision has been made yet on when the strait will be opened.