US-Iran war, Aug. 4 -- Oil prices edged higher on Tuesday after witnessing a sharp decline in the previous session, as concerns over potential supply disruptions in the Middle East persisted amid the ongoing US-Iran conflict. Despite diplomatic efforts, hopes for a quick resolution remained limited, keeping markets cautious over the impact on crude shipments.

Brent crude futures for the front month gained 0.7% to $84.39 per barrel after tumbling 7% in the previous session to a three-week low. Meanwhile, US West Texas Intermediate (WTI) crude also rose 0.7% to $80.95 per barrel, recovering from a more than 5% drop that had pushed prices to their lowest level in nearly a week.

Oil prices declined after US President Donald Trump said on Su...