International crude oil prices declined on hopes of a possible agreement to normalize shipping through the Strait of Hormuz. The report, published on August 5, said Brent crude, a key global benchmark, had fallen below $80 a barrel after exceeding $100 during the most intense period of the war.

By 1:10 p.m. Greenwich Mean Time on Wednesday, Brent had risen 26 cents, or about 0.33 percent, to $79.62 a barrel. US West Texas Intermediate crude was trading 12 cents, or 0.16 percent, higher at $75.90 a barrel. Investor confidence also increased amid expectations of a possible deal to restore shipping through the strait.

Analysts said ongoing talks between Iran and Oman, the stability of the US economy, and record profits at US companies contributed to positive market sentiment. On Tuesday, as Brent declined, the Dow Jones ended above 54,000 points at a new record. Analysts cautioned, however, that the positive market situation could change quickly if the Hormuz discussions fail to produce an agreement.