Oil prices stabilised today after falling sharply in the previous two trading sessions, as investors waited to see if efforts to end the conflict between the United States and Iran were making progress.

Brent crude futures rose 26 cents, or about 0.33 percent, to $79.62 a barrel. U.S. West Texas Intermediate crude futures rose 12 cents, or 0.16 percent, to $75.90 a barrel.

Brent crude settled below $80 a barrel on Tuesday for the first time since July 13.

Brent crude fell more than 5% at settlement on Tuesday, extending sharp losses from Monday amid hopes for a swift resolution. Before the war, roughly 20% of the world’s oil and liquefied natural gas passed through the Strait of Hormuz, and prices had surged 50% in March alone.

Sources in the market said on Tuesday, citing data from the American Petroleum Institute, that U.S. crude oil and gasoline inventories rose while distillate stocks fell last week.