According to CoinMeta, and as reported by Reuters, oil prices rose on Thursday, as traders weighed the signs of diplomatic progress with Iran against the risks of supply disruptions in the Middle East. Brent crude oil futures increased by 71 cents, or 0.81%, to $88.55 per barrel, while West Texas Intermediate (WTI) crude oil futures rose by 28 cents, or 0.34%, to $82.51 per barrel. Analyst Tim Waterer stated that if the Strait of Hormuz is re-opened, crude oil prices could fall further, but it is unlikely that the market will quickly return to pre-conflict levels. The Prime Minister of Qatar will travel to Iran on Thursday to restart diplomatic negotiations aimed at ending the US-Israel conflict with Iran. This visit takes place amid a pause in fighting, but there are no signs of a diplomatic breakthrough.