Oil Price Today (August 27): Crude oil dips to $87, down for 4th session amid Hormuz reopening hopes. What are experts saying?

Oil prices slipped on Thursday, extending their losing streak, as hopes of a Strait of Hormuz reopening grew amid diplomatic efforts involving Iran and Oman. Brent crude fell 0.7% to $87.24 a barrel, while WTI declined 0.7% to $81.67. Markets are watching developments around the key oil transit route; a reopening could potentially ease supply disruption concerns.