India, Aug. 5 -- Oil prices recovered some ground on Wednesday after two days of losses amid rising optimism over a potential interim agreement to reopen the Strait of Hormuz.
Brent crude futures were up 1.2 percent at $80.30 per barrel but were down more than 3 percent so far this week. WTI crude futures were up 0.7 percent at $76.34 a barrel. Both contracts slumped more than 5 percent on Tuesday amid improving diplomatic signals to keep the conflict in the Red Sea from escalating further.
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