London, Aug. 5 -- Global oil prices saw an uptick on Wednesday after seeing a temporary fall earlier in the week, as renewed concerns over disruptions to shipping in the Red Sea outweighed all prior optimism that negotiations to reopen the Strait of Hormuz could soon produce a breakthrough.
Brent crude, the international benchmark, climbed 1.3% to around $80 a barrel by 7:30 a.m. ET, while US benchmark West Texas Intermediate (WTI) rose 0.6% to approximately $76 a barrel.
The gains came despite US President Donald Trump's suggestion on Tuesday that an agreement to reopen the Strait of Hormuz could be announced as early as Wednesday, though this was questioned by the Iranian state media.
While diplomatic efforts have focused on Hormuz, at...