Global Brent crude futures climbed 1% to surpass $80 per barrel on Wednesday, according to market data from London, reversing a sharp sell-off. European benchmark crude traded at 80,15 dollars per barrel by 11:15 Spanish time (09:15 GMT), attempting to stabilize after falling 5,26% on Tuesday and more than 7% on Monday as investors weighed potential diplomatic breakthroughs between Washington and Tehran.
Hormuz Diplomacy and Market Volatility
Scott Bessent stated on Tuesday that an agreement to reopen commercial vessel transit in the Strait of Hormuz could be imminent, according to public declarations. The diplomatic overtures followed statements from United States President Donald Trump over the weekend indicating he had cancelled an imminent military strike on Iran to pursue a negotiated settlement with the Islamic republic.
Red Sea Security Threats and Yemeni Demands
The demand followed the sinking of an Indian cargo vessel in the Red Sea, an attack that officials warn poses a severe and direct threat to global maritime commerce.