10:08 - 5.08.2026

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August 5, Fineko/abc.az. After a sharp decline during the two previous trading sessions, oil prices stabilized on Wednesday. Investors are closely following diplomatic efforts aimed at resolving the conflict between the U.S. and Iran and resuming safe navigation in the Strait of Hormuz.

Brent crude futures grew 0.3% up to $79.62 per barrel, while U.S. WTI rose 0.2% up to $75.90. Earlier on Tuesday, Brent quotes fell more than by 5%, decreasing below $80 per barrel for the first time since mid-July amid statements from Qatar about progress in negotiations.

In addition, according to the American Petroleum Institute (API), commercial oil reserves in the U.S. increased by nearly 2.7 million barrels last week. Market participants are awaiting the publication of official data from the U.S. Energy Information Administration (EIA).