Oil prices edge up on Wednesday

Oil prices rose slightly on Wednesday as uncertainty over negotiations between Iran and the US to end their war raised concerns that supply disruptions in the Middle East could persist.

Brent crude futures rose 0.19 per cent to $73.09 a barrel, while US West Texas Intermediate (WTI) crude gained 0.16 per cent to $69.61 a barrel.

The gains came despite signs that tanker traffic through the Strait of Hormuz is recovering, although analysts said shipping remains uneven and markets are waiting for clearer progress in diplomacy before expecting further declines in oil prices.

US envoy Steve Witkoff and Jared Kushner arrived in Doha on Tuesday for high-level talks, but Iran and Qatar said the US delegation would meet with mediators rather than Iranian officials.

Meanwhile, the American Petroleum Institute reported that US crude oil inventories fell by 6.1 million barrels last week, providing additional support to prices. Official inventory data from the US Energy Information Administration is due later on Wednesday.