International oil prices showed mixed results on August 5, with Brent crude closing slightly higher while US crude futures edged lower. An easing of the Middle East conflict could allow shipping through the Strait of Hormuz to resume, restoring normal oil transportation from the region.

The US Energy Information Administration (EIA) reported that US crude oil inventories increased by 2.5 million barrels last week, reaching 407 million barrels and surpassing market expectations.

West Texas Intermediate (WTI) crude for September delivery decreased by US$0.55 (0.73%), reaching US$75.22 per barrel on the New York Mercantile Exchange. Brent crude for October delivery rose by US$0.09 (0.11%) to US$79.45 per barrel.