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The Economic Times

Business

Oil steadies after two-day slump as investors eye Hormuz traffic

Oil Donald Trump IG United States Qatar Iran

Oil steadied on Wednesday after steep falls in the previous two trading sessions, as investors waited to see if efforts to end the U.S.-Iran war and restore traffic through the blockaded Strait of Hormuz were making progress.

Brent crude futures rose 26 cents, or about 0.33%, to $79.62 a barrel by 0110 GMT. U.S. West Texas Intermediate futures ‌rose 0.16%, or ⁠12 ⁠cents, to $75.90 a barrel.

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