Oil prices were little changed on Wednesday as investors assessed signs of progress in talks between the U.S. and Iran, even as tensions around the Strait of Hormuz continued.
Brent for July settlement fell 0.5% to $99.13 a barrel, while WTI for July delivery declined 0.9% to $93.09 a barrel.
The market continued to track developments near the Strait of Hormuz after U.S. forces struck targets close to the waterway. Iran's Islamic Revolutionary Guard Corps said it had fired at several U.S. aircraft after they entered Iranian airspace.
Despite the renewed hostilities, U.S. Secretary of State Marco Rubio said any agreement between Washington and Tehran could still take several days to complete. Failure to reach a deal could prolong a conflict that has driven fuel prices sharply higher.
In the U.S., President Donald Trump is expected to convene a Cabinet meeting at Camp David on Wednesday, according to a White House official familiar with the matter.
Talks with Iran continue to face hurdles, including Tehran's demand related to $24 billion in frozen assets and its position on unrestricted access through the strait.
The Strait of Hormuz, through which about one-fifth of global oil and liquefied natural gas shipments moved during peacetime, remains largely shut amid blockades imposed by both the U.S. and Iran. Still, at least two non-Iranian supertankers crossed the chokepoint on Tuesday, marking the first movement in a week involving about 4 million barrels of unsanctioned crude.
Separately, Russia is considering restrictions on diesel exports, according to Interfax. Russia remains a major supplier of the fuel to global markets.
(With inputs from Bloomberg.)
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