Global crude oil prices fell again early Friday in Bangladesh time as prospects emerged for reopening the Strait of Hormuz. Brent crude declined by 25 cents, or 0.3 percent, to $89.45 a barrel, while US benchmark West Texas Intermediate fell 22 cents, or 0.3 percent, to $83.31, according to Al Jazeera.

So far this week, Brent has dropped about 5.3 percent and WTI has declined 4.3 percent. Prices had recovered somewhat in international trading the previous day, but fell again Friday. Possible diplomatic progress over the Strait of Hormuz was cited as a key reason for the renewed decline.

Iran has begun talks with Qatar on reopening the waterway following requests from mediators. Tehran has set several conditions for the United States, including lifting sanctions and economic pressure. Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said Washington must take practical steps before Iran decides on reopening. He also cited ending the Middle East war, lifting a US naval blockade and providing compensation. No decision has yet been made on when the strait will reopen.