Oil Prices Mixed as Hopes for Hormuz De-escalation Rise

Oil prices were mixed on Wednesday as investors weighed revived expectations of a de-escalation in US-Iran hostilities that could restore shipping traffic in the Strait of Hormuz and oil flows in the Middle East.

Brent crude futures settled up 9 cents, or 0.11%, at $79.45 a barrel, while US West Texas Intermediate futures fell 55 cents, or 0.73%, to $75.22.

US President Donald Trump said there was an 'all-day negotiation' on Tuesday with Iran, characterizing the talks positively while also threatening to hit Tehran 'really hard' if a deal were not reached.

Iran denied that peace talks were under way, instead stating that they and Oman have reached an understanding on how to manage the Strait of Hormuz, with a joint announcement being finalised.