Oil prices rose slightly on wednesday after steep falls in the previous two trading sessions:ran war and restore shipping through the Strait of Hormuz. Brent crude futures dropped 92 cents, or about 1.2%, to $78.44 a barrel. They have tumbled more than 12% for the week thus far. US West Texas Intermediate futures lost $1.07, or 1.4%, to stand at $74.70 a barrel and are down more than 11% this week.

According to Qatar News Agency, the oil market is reacting to geopolitical tensions and the potential impact on global oil supplies. The US-Iran talks are seen as a crucial factor that could influence oil prices in the coming days. The Strait of Hormuz is a strategic chokepoint for the global oil supply, and any disruption in shipping could have significant implications for the market.

Market analysts are closely monitoring developments in the negotiations, as a resolution could lead to a stabilization of oil prices. The recent declines have raised concerns among investors about the ongoing volatility in the oil market. The outcome of the talks could provide some clarity and direction for future oil price movements.