(RTTNews) – Oil prices recovered some ground on Wednesday after two days of losses amid rising optimism over a potential interim agreement to reopen the Strait of Hormuz.
Brent crude futures were up 1.2 percent at $80.30 per barrel but were down more than 3 percent so far this week. WTI crude futures were up 0.7 percent at $76.34 a barrel.
Both contracts slumped more than 5 percent on Tuesday amid improving diplomatic signals to keep the conflict in the Red Sea from escalating further.
Optimism grew over a potential interim agreement to reopen the Strait of Hormuz despite fragile security situation in the region.
Media reports suggest that Iran is considering allowing European countries to help clear mines from the strategic waterway, marking a significant shift in Tehran’s position.
Iranian Foreign Ministry spokesman Esmaeil Baqaei said that talks with Oman on securing safe shipping routes continue “positively.”
Saudi Arabia reportedly said it intends to contain a renewed conflict with Houthi militants through behind-the-scenes diplomacy.
Earlier, U.S. Treasury Secretary said that Washington and Tehran were holding talks and that a deal to reopen the Strait of Hormuz could be reached within the next couple days.
Qatar confirmed that mediatory efforts to secure U.S.-Iran deal are progressing well, though details were lacking.
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