By: Economy Middle east

Oil prices rose on Wednesday, as uncertainty over crude supply from the major Middle East producing region continues with the Strait of Hormuz remaining largely closed.

Brent crude futures were up 0.77 percent to $95.52 a barrel as of 09:03 UAE time, paring earlier losses of up to 0.9 percent after dropping 4.6 percent in the previous session. U.S. West Texas Intermediate crude was up 0.21 percent to $91.47. The contract had earlier fallen as much as 4.7 percent, following a 7.9 percent decline in the prior session.

Talks aimed at ending the conflict between the United States and Iran could resume in Pakistan over the next two days, U.S. President Donald Trump said on Tuesday, after the collapse of weekend negotiations led Washington to impose a blockade on Iranian ports. This has fueled hope that the talks may eventually resolve the conflict and reopen crude oil and fuel flows.

The conflict has largely shut the Strait of Hormuz, a critical waterway for crude and refined product shipments from the Gulf to global buyers, especially in Asia and Europe.

Later in the day, markets will focus on official U.S. inventory data from the Energy Information Administration, scheduled for release at 10:30 a.m. ET (18:30 UAE time).