Oil Prices Steady as Investors Watch Hormuz Strait Developments

Oil prices steadied on Wednesday after falling sharply in the previous two trading sessions. Investors are closely monitoring developments related to the Hormuz Strait, a crucial waterway for global oil supplies.

Brent crude futures rose by 26 cents, or about 0.33%, to $79.62 a barrel, while U.S. West Texas Intermediate futures increased by 12 cents, or 0.16%, to $75.90 a barrel.

Qatar's mediators have reportedly made progress in efforts to end the U.S.-Iran war and restore traffic through the Strait of Hormuz. However, Tehran has denied U.S. President Donald Trump's assertion that talks are already underway.

Analysts from IG said that control over the waterway remains a key sticking point in negotiations between the two nations. The Strait of Hormuz normally handles around 20% of global oil and liquefied natural gas exports, making it a vital passage for energy supplies.