Oil price today: Crude steadies below $80 as Hormuz blockade keeps investors on edge
Oil prices rose slightly on Wednesday, remaining below $80 amid ongoing tensions related to the US-Iran standoff affecting the Strait of Hormuz. Negotiators are reportedly making progress towards resolving the conflict, which is crucial for restoring access to this vital shipping route. Despite an increase in US crude and gasoline inventories last week, a decline in distillate stocks adds to market uncertainty.