West Texas Intermediate (WTI) oil price extends its gains for the third successive day, trading around $82.70 per barrel during the Asian hours on Wednesday. Crude oil prices advance as investors weigh mixed signals regarding a potential deal between the United States (US) and Iran. Sentiment received an initial boost after Pakistan’s defence minister suggested that Washington and Tehran are “close to some sort of arrangement” to secure the critical Strait of Hormuz. Adding to the diplomatic momentum, reports indicated that parallel talks between Iran and Oman have also reached an advanced stage. US President Donald Trump adopted a firmer stance, declaring that Tehran should pay reparations for victims of attacks linked to the Islamic Republic.