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Global oil prices continued to weaken on Wednesday, marking a third consecutive session of losses as growing optimism over a potential U.S.-Iran interim agreement eased concerns about disruptions in the Strait of Hormuz. Investors are closely monitoring diplomatic developments, as the key shipping route handles nearly 20% of the world's oil and liquefied natural gas exports.
Brent crude futures for October delivery slipped 0.3% to $79.12 per barrel, while West Texas Intermediate (WTI) crude futures for September fell 0.5% to $75.39 per barrel. The declines followed steep losses of more than 5% on Tuesday, extending the broader selloff that began earlier this week.
Market sentiment improved after Qatar confirmed that mediators had drafted an interim proposal aimed at restoring safe navigation through the Strait of Hormuz. Qatar also said U.S. President Donald Trump discussed regional de-escalation efforts with Emir Sheikh Tamim bin Hamad Al-Thani during a phone call on Tuesday.
The renewed diplomatic push comes after Trump stated that discussions with Iran had begun, describing the current situation as Tehran's "last chance" to reach an agreement. However, Iranian officials have denied that formal negotiations with Washington are underway, leaving uncertainty over whether a breakthrough can be achieved.
Despite hopes for progress, geopolitical risks remain elevated. Another commercial vessel reportedly came under attack near the Strait of Hormuz on Tuesday, highlighting the fragile security environment and the ongoing threat to global energy supplies.
Meanwhile, traders are also watching U.S. crude inventory data for fresh market direction. The American Petroleum Institute (API) reported that U.S. crude stockpiles increased by 2.69 million barrels during the week ending July 31. The unexpected build contrasted with analysts' forecasts for a decline of around 2 million barrels, adding pressure to oil prices.
Attention now turns to the official U.S. Energy Information Administration (EIA) inventory report, scheduled for release later Wednesday. The data is expected to provide further insight into U.S. oil demand and supply conditions, which could influence the near-term outlook for Brent crude, WTI crude, and the broader energy market.
