Oil Prices Stabilize Below $80 Amid Strait of Hormuz Tensions

Oil prices steadied below $80 per barrel on Wednesday after two sessions of decline, as tensions over the Strait of Hormuz continued to affect markets.

The crude benchmark Brent rose by 31 cents, or 0.39%, to $79.67 a barrel, while US West Texas Intermediate (WTI) gained 11 cents, or 0.15%, to $75.88 per barrel.

This modest recovery comes after steep losses earlier in the week, with Brent settling below $80 per barrel on Tuesday for the first time since July 13.

Analysts from IG noted that Iran's insistence on control over the waterway and the US refusal to grant it remain key sticking points in talks aimed at ending the conflict.