Global oil price rally stalls as market awaits outcome on the Strait of Hormuz

Global oil prices held steady in trading on Wednesday, 14 Mordad 1405 (5 August 2026), after falling over the previous two trading sessions, as investors awaited clarity on efforts to end the war and resume shipping traffic through the Strait of Hormuz. According to Bourse News, citing Reuters, Brent crude futures rose 26 cents (0.33 percent) to $79.62 a barrel, and US West Texas Intermediate rose 12 cents (0.16 percent) to $75.90 a barrel. Brent had closed below $80 a barrel on Tuesday for the first time since 13 July, after Qatar reported progress in mediation efforts to end the war. Market sources cited American Petroleum Institute data showing US crude and gasoline inventories rose by about 2.7 million barrels in the week to 31 July; official US inventory data was due from the US Energy Information Administration later Wednesday.