Oil prices fell for a second day on Wednesday on expectations bottled-up supply from the key Middle East producing region could resume flowing after United States President Donald Trump revealed a possible peace deal may be reached to end the war with Iran.
Brent crude futures fell $1.89, or 1.7%, to $107.98 a barrel as of 0340 GMT, after dropping 4% in the previous session.
U.S. West Texas Intermediate futures eased $1.83, or 1.8%, to $100.44, after settling down 3.9% the day before.
On Tuesday, Trump unexpectedly said he would briefly pause an operation to help escort ships through the Strait of Hormuz, citing progress toward a comprehensive agreement with Iran, without giving details on the agreement.
S’Korea mulls involvement: Latest developments in Middle East war
There was no immediate reaction from Tehran, according to Reuters.
“This signals potential de-escalation and raises hopes for the release of stranded vessels inside the Gulf, which could gradually bring supply back to the market,” said Anh Pham, senior research specialist for oil at LSEG.
The supply loss to the global market has pushed prices higher with Brent trading last week at its highest since March 2022.
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