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Crude Oil Prices Fall Following Trump Remarks About Ending Iran War Soon

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Crude oil prices fell on Wednesday following remarks from U.S. President Donald Trump of a quick end to the war in the Middle East.

Brent crude at last look fell 1.8% to US$109.28/barrel and West Texas Intermediate crude lost 0.8% to $107.77/barrel. U.S. Vice President JD Vance also said U.S. and Iran had made progress in talks, but investors remain wary about the outcome, Reuters said in a Wednesday report.

"Prices are likely to still exhibit some upside potential even if a deal is concluded, given that supply will likely not return to pre-war levels immediately," Reuters quoted LSEG research analyst Emril Jamil as saying.

Oil prices are expected to rise further amid the risk of a prolonged supply disruption and global oil stocks reaching critically low levels, analysts said in the report.

U.S. crude stockpiles are expected to have fallen by about 3.4 million barrels, according to a Reuters poll. The U.S. Energy Information Administration is due to publish its weekly oil market data report Wednesday afternoon.

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