Oil prices tumbled more than 3% on Wednesday, April 1, 2026, reversing earlier gains as persistent Middle East volatility unnerved markets.
The front-month Brent contract for June fell $3.33, or 3.2%, to $100.64 per barrel at 0641 GMT, while U.S. West Texas Intermediate (WTI) crude futures for May slipped $3.34, or 3.3%, to $98.04 per barrel.
Prices rose earlier on Wednesday but turned lower as uncertainty over the Middle East conflict prompted investors to lock in gains.
“The dip is likely due to a lull during Asian hours with profit taking amid signals from the U.S. that the war may come to a conclusion in the near term,” a senior analyst at LSEG, Emril Jamil, said.
Brent futures for June delivery settled down more than $3 on Tuesday following unconfirmed media reports that Iran’s president was ready to end the war.
Trump to countries: US won’t help anymore, fight for yourself to get oil from Hormuz
United States President Donald Trump told reporters on Tuesday that the U.S. could end the military campaign within two to three weeks and that Iran does not have to make a deal to end the conflict, his clearest declaration yet that he wants to wind down the month-long war.
Analysts said even if the conflict ends, infrastructure damage is likely to keep supplies tight.
A senior market analyst at Phillip Nova, Priyanka Sachdeva, said oil prices will depend on how quickly supply chains normalise afterwards.
OPEC oil output dropped 7.3 million barrels per day in March compared with the previous month, a Reuters survey showed on Tuesday, illustrating the impact of forced export cuts because of the closure of the strait.
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