Oil prices rise ahead of US-Iran talks mediated by Oman

WASHINGTON, United States — Oil prices edged higher on Wednesday as investors awaited the outcome of US-Iran negotiations mediated by Oman. Brent crude climbed 0.23% to $79.63 a barrel, while West Texas Intermediate gained 0.08% to $75.28, recovering from earlier losses in the session. The talks are being watched closely by markets for any progress toward ending a five-month war and reopening the Strait of Hormuz in the Persian Gulf, a key chokepoint for global energy shipments. Iran's security threats and Houthi attacks on oil tankers in the Red Sea have kept supply concerns firmly in focus. Separately, US Energy Information Administration data showed American crude inventories rose by 2.5 million barrels to 407 million barrels in the week ending July 31, pointing to softer near-term demand at home. No further details on the Washington-Tehran talks were immediately available.