- Brent crude oil traded near $92 a barrel with little change on easing US-Iran tensions
- Brent fell below $90 for first time since August after Trump's comments on possible conflict end
- US WTI crude settled 0.93% lower at $86.04 following declines in Brent prices
Crude oil prices were little changed on Wednesday, with Brent hovering around $92 a barrel as hopes of easing tensions between the US and Iran weighed on prices. Brent crude was last trading 0.67% higher at $92.10 a barrel.
Brent had fallen below $90 a barrel on Tuesday for the first time since August, after US President Donald Trump said the conflict with Iran could end soon. The international benchmark settled 1.17% lower at $91.49 a barrel, after touching an intraday low of $89.16.
US West Texas Intermediate (WTI) crude settled 0.93% lower at $86.04 a barrel.
Trump said on Monday that the war with Iran could end "fairly soon" and that Tehran was talking with Washington. He made the remarks at the White House after meeting Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani.
READ | Asian Markets Today: Nikkei, Kospi Fall; Wall Street Slips On Hot US Inflation
Trump also said that Qatar, Saudi Arabia, the UAE, Bahrain and Kuwait preferred the continuation of the naval blockade against Iran.
Crude oil prices have moved sharply this year amid the conflict involving the US, Israel and Iran. Brent started the year at around $60 a barrel before rising to nearly $130 in March and April as military strikes escalated.
Prices later declined in June and July before rising again as the conflict continued.
Oil shipments through the Strait of Hormuz have largely recovered, although attacks on vessels in the region continue. The waterway is a key route for global oil supplies.
The conflict has also pushed up prices of petrol, diesel and aviation fuel, adding to pressure on consumers.
Trump and US Vice President JD Vance have acknowledged that opposition to the Iran war and higher energy prices affected the Republican Party's performance in last week's midterm elections.
While Washington and Tehran continue to disagree over the Strait of Hormuz and the naval blockade, the US has largely held back from military strikes since September.
The US carried out what Trump described as "minor strikes" on Iran on Saturday after reports of missile attacks on Qeshm Island, near the Strait of Hormuz.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.