US-Iran war, Aug. 5 -- Oil prices remained under pressure after falling for two consecutive sessions, amid optimism that a deal could be reached to reopen the Strait of Hormuz and restore the flow of crude supplies from the Persian Gulf.

Brent crude traded below $80 a barrel, while West Texas Intermediate (WTI) hovered near $76 after plunging more than 10% over the previous two trading sessions.

Qatar announced on Tuesday that an interim proposal had been prepared, while both the United States and Iran indicated progress in negotiations aimed at reopening the Strait of Hormuz.

Oil prices have fallen sharply over the past two weeks after US President Donald Trump said he had delayed fresh military strikes on Iran to allow more time for ...