Oil Prices Stabilize as Diplomatic Efforts Emerge Amid US-Iran Trade War

Oil prices stabilized globally after sharp declines in previous trading sessions as investors awaited progress in diplomatic efforts to end the US-Iran trade war and restore normal shipping traffic through the Strait of Hormuz.

Brent crude futures rose by 26 cents, or about 0.33%, to $79.62 a barrel, while US West Texas Intermediate crude futures climbed 0.16% to reach $75.90 a barrel.

Basra Heavy and Basra Medium crude prices saw notable increases despite the relative decline in global futures contracts, with Basra Heavy reaching $53.33 per barrel, marking a 3.03% rise, and Basra Medium climbing to $55.63 per barrel, a 2.90% increase.

The stabilization came after Qatar announced that mediators had made significant progress in efforts to end the dispute, leading to oil prices falling by more than 5% with Brent crude closing below $80 a barrel for the first time since July 13.