Brent crude futures declined for a second consecutive session on Wednesday, falling to around $109 per barrel as traders cautiously responded to signs of a possible diplomatic breakthrough between the United States and Iran.
The decline comes despite lingering geopolitical tensions in the Middle East and continued disruptions along the strategically important Strait of Hormuz shipping route.
US President Donald Trump said the conflict with Iran could end “very quickly” if negotiations succeed, although he warned that Washington could resume military strikes within days should talks collapse.
Trump also disclosed that he recently halted a planned US attack scheduled for Tuesday in an attempt to create room for diplomacy and advance a potential agreement with Tehran.
Iran, however, maintained a defiant stance, warning that it could extend the conflict “beyond the region” if the US and Israel resume attacks.
Meanwhile, supply concerns continue to underpin global oil prices as movement through the Strait of Hormuz remains heavily restricted. Although some vessels have resumed transit, shipping activity through the key crude export route remains limited.
Reports on Wednesday indicated that at least three supertankers carrying crude oil successfully departed the Strait, offering some relief to energy markets concerned about supply disruptions.
Despite the recent pullback, oil prices remain nearly 50% higher than levels recorded before the conflict began, reflecting ongoing uncertainty surrounding Middle East stability and global energy supply chains.
