05.08.202607:52:57UTC+00Brent Rises as Markets Weigh Supply, Peace Hopes

Brent crude climbed to around $80 per barrel on Wednesday, ending a two-day losing streak after Yemen’s Houthi movement claimed it had attacked a Saudi vessel in the Red Sea. However, prices stayed well below recent highs as investors grew increasingly confident that an agreement to reopen the Strait of Hormuz could soon be finalized.

Axios reported that the US, Iran, and Oman are nearing a 60-day interim deal to reopen the crucial waterway without transit fees, with Washington aiming to announce the agreement as early as Wednesday. US President Donald Trump also struck an optimistic note, saying talks with Tehran were “moving along very nicely” and that more would be known within 48 hours.

Qatar, for its part, said a draft interim proposal was already on the table, while other reports suggested Iran was considering allowing European countries to conduct mine-clearing operations in the strait. Separately, Saudi Arabia has reportedly engaged in talks with Yemen’s Houthi movement through Omani mediators in an effort to prevent further escalation of the conflict.