Oil steadies after two-day slump as investors eye Hormuz traffic

PERTH, Aug 5 : Oil steadied on Wednesday after steep falls in the previous two trading sessions, as investors waited to see if efforts to end the U.S.-Iran war and restore traffic through the blockaded Strait of Hormuz were making progress.Brent crude futures rose 26 cents, or about 0.33 per cent, to $79.62 a barrel by 0110 GMT. U.S. West Texas Intermediate futures rose 0.16 per cent, or 12 cents, to $75.90 a barrel. Qatar said on Tuesday mediators were making progress in efforts to end the war, driving oil prices lower, although Tehran has denied U.S. President Donald Trump's assertion that talks are already under way. Brent closed on Tuesday below $80 a barrel for the first time since July 13. “The main sticking point appears to be whether Iran will continue to insist on a degree of cont