Oil Prices Stabilize as Investors Await Progress in US-Iran Peace Talks

Oil prices steadied on Wednesday after two days of sharp losses as investors looked to developments in the US-Iran peace efforts and hopes for restoring traffic through the Strait of Hormuz.

The price of Brent crude futures rose by 26 cents, or about 0.33%, to $79.62 a barrel by 0110 GMT, while US West Texas Intermediate futures increased by 12 cents, or 0.16%, to $75.90 a barrel.

Qatar's statement that mediators were making progress in efforts to end the war drove oil prices lower on Tuesday, although Tehran denied any talks with the US were underway.

The main sticking point appears to be whether Iran will insist on controlling the waterway and whether the US will refuse this outcome, according to analysts from IG.